Bookkeeping Question and answers already passed 2024
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Module
Bookkeeping
Institution
Bookkeeping
Bookkeeping Question and answers already passed 2024 Bookkeeping-Accounting, Bookkeeping Vocabulary, Bookkeeping - Lesson 1, Recording Business Transactions, Advanced Bookkeeping
Accounting - correct answer The process by which financial information about a business is recorded, classified, s...
Accounting - correct answer ✔The process by which financial information
about a business is recorded, classified, summarized, interpreted, and
communicated to owners, managers, and other interested parties.
Accounting Standards Codification - correct answer ✔The source of
authoritative U.S. GAAP
Accounting Standards Update - correct answer ✔Changes to Accounting
Standards Codification are communicated through Accounting Standards
Update covering approximately 90 topics
Accounting system - correct answer ✔A process designed to accumulate,
classify, and summarize financial data.
Auditing - correct answer ✔The review of financial statements to assess their
fairness and adherence to generally accepted accounting principles.
Auditor's Report - correct answer ✔An independent accountant's review of a
firm's financial statements.
Certified Bookkeeper (CB) - correct answer ✔A designation that assures an
individual possesses the level of of knowledge and skill needed to carry out all
key functions through the adjusted trial balance, including payroll
,Certified Public Accountant (CPA) - correct answer ✔An independent
accountant who provides accounting services to the public for a fee.
Corporation - correct answer ✔A publicly or privately owned business entity
that is separate from its owners and has a legal right to own property and do
business in its own name; stockholders are not responsible for the debts or
taxes of the business
Creditor - correct answer ✔One to whom money is owed
Discussion Memorandum - correct answer ✔An explanation of a topic under
consideration by the Financial Accounting Standards Board.
Economic entity - correct answer ✔A business or organization whose major
purpose is to produce a profit for its owners.
Entity - correct answer ✔Anything having its own separate identity, such as
an individual, a town, a university, or a business.
Exposure Draft - correct answer ✔A proposed solution to a problem being
considered by the Financial Accounting Standards Board.
Financial Statements - correct answer ✔Periodic reports of a firm's financial
position or operating results
Fraud - correct answer ✔Intentional or reckless acts that result in
confiscation of a firm's assets or the misrepresentation of the firm's accounting
data
, Generally Accepted Accounting Principles (GAAP) - correct answer
✔Accounting standards developed and applied by professional accountants.
Governmental Accounting - correct answer ✔Accounting work performed for
a federal, state, or local governmental unit.
Internal Control - correct answer ✔A company's policies and procedures to
safeguard assets, ensure reliability of accounting data, and promote
compliance with management policies and applicable laws
International Accounting - correct answer ✔The study of accounting
principles used by different countries.
Management Advisory Services - correct answer ✔Services designed to help
clients improve their information systems or their business performance
Managerial Accounting - correct answer ✔Accounting work carried on by an
accountant employed by a single business in industry; the branch of
accounting that provides financial information about business segments,
activities, and products
Partnership - correct answer ✔A business entity owned by two or more
people who carry on a business for profit and who are legally responsible for
the debts and taxes of the business
Public accountants - correct answer ✔Members of firms that perform
accounting services for other companies.
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