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Book Keeping Exam Questions and Answers 100% Solved | Rated A+

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Book Keeping Exam Questions and Answers 100% Solved | Rated A+ A list of business transactions recorded as debits and credits in the order the transactions occurred - General Journal What are the 4 basic Financial Statements? - 1. Balance Sheet 2. Income Statement 3. Statement of Stockholder'...

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  • October 2, 2024
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  • 2024/2025
  • Exam (elaborations)
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  • Book Keeping
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Book Keeping Exam Questions and

Answers 100% Solved | Rated A+


A list of business transactions recorded as debits and credits in the order

the transactions occurred - ✔✔General Journal

What are the 4 basic Financial Statements? - ✔✔1. Balance Sheet

2. Income Statement

3. Statement of Stockholder's Equity

4. Statement of Cash Flows

A worksheet used to verify that debits equal credits in the accounting

records - ✔✔Trail Balance

All of the accounts used by a business collected together - ✔✔General

Ledger

A list of accounts used by a business - ✔✔Chart of Accounts

What is contained on a Balance Sheet? - ✔✔assets, liabilities, equity

What is contained on an Income Statement - ✔✔Revenues, expenses,

and net income or net loss

, What is contained on a Statement of Equity - ✔✔Common Stock,

Retained Earnings

May have Preferred Stocks and Bonds

What is contained on the Statement of Cash Flows? - ✔✔Cash flows

from operating, investing and financing activities

A form used to record the increases and decreases to a single financial

statement item - ✔✔Account

The process of transferring debit and credit amounts from the place where

transactions are first recorded to the actual accounts - ✔✔Posting

Balance Sheet Accounts are - ✔✔Permanent Accounts

Income Statement Accounts are - ✔✔Temporary Accounts (closed at

end of the accounting period)

Things that are resources owned by a company and which have future

economic value that can be measured and can be expressed in dollars. -

✔✔Assets

Which are examples of Assets:

A. Cash, Receivables, Inventory, Property Plant and Equipment, Prepaid

Expenses

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