100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Bookkeeping Test Questions and Answers Already Passed CA$14.36   Add to cart
Quickly navigate to
Preview
  2.  
  3. Bookkeeping
  4.  
  5. Bookkeeping

Exam (elaborations)

Bookkeeping Test Questions and Answers Already Passed
 10 views  0 purchase
  • Course
  • Bookkeeping
  • Institution
  • Bookkeeping

Bookkeeping Test Questions and Answers Already Passed What is a ledger account? A ledger account is a detailed record of all transactions related to a specific account, such as cash, accounts receivable, or accounts payable. What does it mean to "post" in bookkeeping? To "post" means to...

[Show more]

Preview 2 out of 8  pages

Document information

  • September 15, 2024
  • 8
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • bookkeeping test questions and answers already pas

Written for

  • Bookkeeping
  • Bookkeeping

Seller

avatar-seller
StellarScores

Reviews received

Content preview

Bookkeeping Test Questions and
Answers Already Passed

What is a ledger account?


✔✔ A ledger account is a detailed record of all transactions related to a specific account, such as

cash, accounts receivable, or accounts payable.




What does it mean to "post" in bookkeeping?


✔✔ To "post" means to transfer information from the journal to the appropriate ledger accounts.




What is the purpose of a bookkeeping system?


✔✔ The purpose of a bookkeeping system is to maintain accurate financial records, track

financial transactions, and provide data for financial reporting.




What is an accrual?


✔✔ An accrual is an accounting method where revenues and expenses are recorded when they

are earned or incurred, regardless of when the cash is received or paid.




What is the difference between capital and revenue expenditures?


1

, ✔✔ Capital expenditures are investments in long-term assets that benefit the business for more

than one accounting period, while revenue expenditures are short-term costs that are expensed in

the period they are incurred.




What is a cash flow statement?


✔✔ A cash flow statement reports the cash inflows and outflows from operating, investing, and

financing activities over a specific period.




How do you record depreciation in bookkeeping?


✔✔ Depreciation is recorded as an expense in the income statement and a reduction in the value

of the related asset in the balance sheet.




What is the purpose of a subsidiary ledger?


✔✔ A subsidiary ledger provides detailed information for a specific account, such as accounts

receivable or accounts payable, which supports the general ledger.




What is a chart of accounts?


✔✔ A chart of accounts is a list of all accounts used by a business, organized by category, to

help in the recording and reporting of financial transactions.


2

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller StellarScores. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for CA$14.36. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

75759 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
CA$14.36
  • (0)
  Add to cart