Bookkeeping Certification Course Exam Questions With Solutions 100% Correct
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Course
ASB BOOKKEEPING
Institution
ASB BOOKKEEPING
Bookkeeping Certification Course Exam
Questions With Solutions 100% Correct
A schedule that contains all accounts needed to prepare financial statements is known as:
general ledger
Reorganizing all the journal entries and grouping them by account is known as: posting to
the ledger
Chart of...
Bookkeeping Certification Course Exam
Questions With Solutions 100% Correct
A schedule that contains all accounts needed to prepare financial statements is known as:
general ledger
Reorganizing all the journal entries and grouping them by account is known as: posting to
the ledger
Chart of Accounts (COA) an ordered listing of accounts that a company has identified and
made available for recording transactions
Journal Entry an accounting method for expressing the effects of a transaction on accounts
in a debits-equal-credits format
General Ledger A ledger that contains all accounts needed to prepare financial statements
Financial Statements Financial reports that summarize the financial condition and
operations of a business
, Bookkeeping Certification Course Exam
Questions With Solutions 100% Correct
To find the balance of the account types that INCREASE with a DEBIT (asset and expense
account), bookkeeper's will: Subtract total credits from total debits (Debits-Credits=)
Accounting Cycle Steps 1. 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 Analyze business transactions
After analysis, the business transaction is recorded in the journal in what order:
Chronological
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