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Bookkeeping Basics Exam Questions and Answers 100% Correct | Latest Update What does a bookkeeper typically do? - Bookkeepers have many responsibilities which include, record financial transactions, reconcile bank accounts and manage bank feeds, manage accounts receivable, work with tax prepa...

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  • September 26, 2024
  • 28
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • Bookkeeping
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Bookkeeping Basics Exam Questions

and Answers 100% Correct | Latest

Update


What does a bookkeeper typically do? - ✔✔Bookkeepers have many

responsibilities which include, record financial transactions, reconcile bank

accounts and manage bank feeds, manage accounts receivable, work with

tax preparers and assist with tax compliance, and generate financial

statements.

Honesty - ✔✔As a bookkeeper, you must always act with integrity and

honesty. This means:

Reporting financial data in accurate and timely manner.

Owning any mistakes and doing everything you can to fix them

Being open and transparent with your client about the state of their

finances.

Objectivity - ✔✔Because accurate financial records are vital to the success

of any business, clients rely on their bookkeeper to act objectively at all

times. This means:

,Never taking a job that might pose a conflict of interest

Never allowing another party to influence your findings

Never letting personal bias get in the way of performing your duties.

Confidentiality - ✔✔Clients entrust bookkeepers with very sensitive

financial information, and a business owner must be able to trust that their

bookkeeper will treat their data with the utmost care. This means:

Never discussing anything relating to a client outside of the job.

Never using inside information of a client for personal gain.

For more info visit: www.icbusa.org

Professionalism - ✔✔Any business owner will expect their bookkeeper to

act professionally at all times. This means:

Being courteous and considerate of the business owner's needs

Avoiding any activity, personal or professional, that could bring shame to

the profession or business.

Assets - ✔✔Assets are what the company owns or controls and expects to

gain benefit from. The simplest example is cash.

Liability - ✔✔Liability are what the company owes to others.

Equity - ✔✔Equity is the owner's stake in the company. It's how much

they've invested or withdrawn.

, Double-entry accounting - ✔✔a way of bookkeeping that tracks which

accounts increase and which decrease for a given transaction. Increases

and decreases are recorded in a debit and credit columns and the total

debits and total credits for a transaction have to be balanced.

5 account types - ✔✔assets, liability, equity, revenue and expenses



Assets+Expenses= Liabilities + Equity + Revenue



DEA/LER

To increase an account you will DEBIT an Expense or Asset

but CREDIT a Liability, Equity or, Revenue account

How would you record a $100 cash payment to the tractor supply store?



A) Debit Cash to increase the account

B) Debit Cash to decrease the account

C) Credit Cash to increase the account

D) Credit Cash to decrease the account - ✔✔D) Credit Cash to decrease

the account

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