DIT-Bookkeeping Exam UPDATED ACTUAL Exam Questions and CORRECT Answers
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Course
Bookkeeping
Institution
Bookkeeping
DIT-Bookkeeping Exam UPDATED
ACTUAL Exam Questions and CORRECT
Answers
When should a company adjust its inventory balance? - CORRECT ANSWER - When the
physical count does not match inventory balance on the books.
What is FICA - CORRECT ANSWER - It is a combination of Social Security, and
...
DIT-Bookkeeping Exam UPDATED
ACTUAL Exam Questions and CORRECT
Answers
When should a company adjust its inventory balance? - CORRECT ANSWER - When the
physical count does not match inventory balance on the books.
What is FICA - CORRECT ANSWER - It is a combination of Social Security, and
Medicare taxes
What test displays previous financials in side-by-side columns, enabling investors to identify
trends, track a company's progress and compare it with industry rivals? - CORRECT
ANSWER - A comparative income statement
When you subtract COGS from sales revenue, what do you get in return? - CORRECT
ANSWER - Gross Profit
What are some variants of the accounting equation? - CORRECT ANSWER - A=L+E
E=A-L
L=A-E
When reading a journal that was generated by the accounting software, what should you expect
to find? - CORRECT ANSWER - Date, description account name, and amount
What is the natural balance of Revenue? - CORRECT ANSWER - credit
What is the natural balance of liabilities? - CORRECT ANSWER - credit
What is the natural balance of stockholder's equity? - CORRECT ANSWER - Credit
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