Bookkeeping Basics UPDATED ACTUAL Exam Questions and CORRECT Answers
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Course
Bookkeeping
Institution
Bookkeeping
Bookkeeping Basics UPDATED ACTUAL
Exam Questions and CORRECT Answers
four key bookkeeping elements
Honesty - CORRECT ANSWER - Reporting financial data in an accurate and timely
manner
Owning any mistakes and doing everything you can to fix them
Being open and transparent with your client a...
Bookkeeping Basics UPDATED ACTUAL
Exam Questions and CORRECT Answers
four key bookkeeping elements
Honesty - CORRECT ANSWER - Reporting financial data in an 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 - CORRECT ANSWER - Never take a job that might pose a conflict of interest
Never allowing another party to influence your findings
Never let personal bias get in the way of performing your duties
Confidentiality - CORRECT ANSWER - Never discussing anything relating to a client
outside of the job
Never using inside information about a client for personal gain
Professionalism - CORRECT ANSWER - 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
Maintaining proper credentials and keeping up skills through continuing education
Which of the following is not a typical task bookkeepers perform for their clients?
Complete tax requirements.
Reconcile bank accounts.
, Prepare financial statements.
Handle all accounts payable and receivable. - CORRECT ANSWER - Correct!
Completing taxes is not a task you'd be completing by yourself. You may be asked to help an
accountant with completing taxes, but this is not a task you would be authorized to complete
yourself.
investments in other companies is equity or assets? - CORRECT ANSWER - assets
What tasks would a bookkeeper do?
Handle bank feeds and reconciles bank accounts, managing accounts receivable/payable, and
record financial transactions
Manage accounts receivable/payable, recording financial transactions, and implement HR
policies
Record financial transactions, create employee write-ups, and handle bank feeds and reconcile
bank accounts - CORRECT ANSWER - Correct! Bookkeepers handle bank feeds and
reconciles bank accounts, in addition to other tasks like recording financial transactions and
managing accounts receivable/payable.
What the company owns or controls and expects to gain value from is defined as: - CORRECT
ANSWER - asset
What the company owes to others is defined as: - CORRECT ANSWER - equity
A way of bookkeeping that tracks which accounts increase and which decrease for a given
transaction is known as: - CORRECT ANSWER - Double-entry
Short-term Investments would be an example of what kind of account? - CORRECT
ANSWER - asset account
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