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Bookkeeping Certification Course Questions with correct Answers
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Bookkeeping Certification Course
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Bookkeeping Certification CourseA schedule that contains all accounts needed to prepare financial statements is known
as: - answer general ledger
Reorganizing all the journal entries and grouping them by account is known as: -
answer posting to the ledger
Chart of Accounts (COA) - answer an ordered listing of accounts that a company has
identified and made available for recording transactions
Journal Entry - answer an accounting method for expressing the effects of a transaction
on accounts in a debits-equal-credits format
General Ledger - answerA ledger that contains all accounts needed to prepare financial
statements
Financial Statements - answerFinancial reports that summarize the financial condition
and operations of a business
To find the balance of the account types that INCREASE with a DEBIT (asset and
expense account), bookkeeper's will: - answerSubtract total credits from total debits
(Debits-Credits=)
Accounting Cycle Steps - answer1. Analyze business transactions
2. Journalize the transactions
3. Post to ledger accounts
4. Prepare a trial balance
5. Journalize and post adjusting entries
6. Prepare an adjusted trial balance
7. Prepare financial statements
8. Journalize and post closing entries
9. Prepare a post-closing trial balance
The accounting cycle step 1 - answerAnalyze business transactions
After analysis, the business transaction is recorded in the journal in what order: -
answerChronological
A form or statement that lists the titles and balances of ALL ledger accounts at a given
date is known as a: - answertrial balance
, Sydney is entering a transaction in QuickBooks. What are the two steps of manual
accounting that will happen simultaneously as she does this? - answerCreating a
journal entry and posting to the ledger
Account numbers beginning with a 1 or a 6 signifies what type of accounts: -
answerAsset and and operating for example
A trial balance where total debits equal total credits indicates: - answer- The ledger is in
balance.
To determine a companies financial position was on a certain date, which would be the
best report to look at? - answerThe balance sheet because it reports a company's
assets, liabilities, and equity at a specific point in time. A company can use this to
determine the financial position on the day it needs it
What financial statement reports the sources and uses of cash by a business? -
answerStatement of cash flow summarizes the amount of cash and cash equivalents
entering and leaving a company
unadjusted trial balance - answerLists the general ledger account balances at the end of
the reporting period before any adjusting entries are recorded and posted. It is the
starting point at step 3 used for analyzing account balances and making adjustments
A transaction journal shows a $100 customer payment into QuickBooks. Which account
would show as being debited? - answerThe business bank account would be debited
$100 because it will INCREASE the back account balance by $100
double-entry bookkeeping normally results in which of the following balances in the
ledger accounts? - answerDebit: assets and expenses/ Credit: Liabilities, Equity, and
Revenue
If you have a debit entry in a cash account of $900 and total credit entries of $600 to the
cash account the cash account has what type and amount balance? - answer$300 debit
balance because total debits $900 minute total credits of $600= a $300 POSITIVE
(debit) balance
a company bought computers with credit from a supplier and entered the purchase into
Quickbooks. The transaction journal for the company would show what kind of entry -
answerDebit:Computers/ Credit: Supplier credit PAYABLE because when you enter a
transaction that involves buying on a credit the company debits the asset (the
computers) and credits the payable (what is owed to the supplier by the company
A trial balance that is prepared after taking into account all the adjusting entries is
known as: - answeradjusted trial balance
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