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Exam (elaborations)

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...

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  • September 15, 2024
  • 10
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • ASB BOOKKEEPING
  • ASB BOOKKEEPING
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UpperClass
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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