Exam (elaborations)
Bookkeeping(questions with complete solutions)graded A+
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Bookkeeping(questions with complete solutions)graded A+
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BookkeepingBookkeeper - correct answer ✔✔A person in charge of keeping the financial records of an organization
Bookkeeping - correct answer ✔✔The process of recording business transactions
Service business - correct answer ✔✔A business that performs a service in exchange for payment
Accounting - correct answer ✔✔The art of recording, classifying, and summarizing in a significant
manner and in terms of money, transactions and events which are of a financial character, and
interpreting the results
Account title - correct answer ✔✔The name given to an account
Transaction - correct answer ✔✔Any activity that occurs in the business that changes part of the
accounting equation (assets, liabilities, or owner's equity)
Account balance - correct answer ✔✔The amount in an account OR The difference between the
increases and decreases (debits and credits) in an account
Asset - correct answer ✔✔Anything of value owned and used in a business
Liability - correct answer ✔✔Anything owed by a business
Owner's equity - correct answer ✔✔The value remaining in the business when liabilities have been
deducted from assets - Total Assets - Total Liabilities. The amount of claim an owner has to the assets of
a business
Account payable - correct answer ✔✔A liability account recording that money is or will be owed
, Accounting equation - correct answer ✔✔Assets = Liabilities + Owner's Equity
Creditor - correct answer ✔✔An entity or person who has lent money
Debtor - correct answer ✔✔An entity or person who owes money
General Journal - correct answer ✔✔A two-column journal is a book in which original transactions of the
business are first recorded; it's sometimes called the book of original entry.
General Ledger - correct answer ✔✔A company's set of numbered accounts for its accounting records; it
provides a complete record of financial transactions over the life of the company
Journal sides - correct answer ✔✔Must always equal, left side is assets, right side is liabilities and
owner's equity
Chart of Accounts - correct answer ✔✔a list of account titles in the order in which they can be found in
the ledger.
Opening a ledger account - correct answer ✔✔preparing a page in the ledger for use.
Posting from journal to ledger - correct answer ✔✔the act of transferring the entries from the journal to
its ledger account.
Original entry - correct answer ✔✔The transaction which is the first when starting a business
Debit - correct answer ✔✔An entry recording an amount, listed on the left-hand side or column of an
account
Credit - correct answer ✔✔An entry recording an amount, listed on the right-hand side or column of an
account
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