Bookkeeping and account - Study guides, Class notes & Summaries

AAT Level 2 - Bookkeeping Controls Questions and Answers 100% Pass What is the function of a sales ledger in bookkeeping? The sales ledger records all transactions related to sales on credit, including amounts owed by customers and details of each sale. How should discrepancies between internal records and the bank statement be addressed? Discrepancies should be reviewed and investigated to determine the cause, and necessary adjustments should be made to ensure accuracy in the recor...

Entrepreneurship Questions with complete solution 2024 Entrepreneurship: Bookkeeping, Unit 3: Bookkeeping, Bookkeeping Basics Part 10, Bookkeeping, Bookkeeping - correct answer It refers to the recording of business transactions in the books of business. Transaction - correct answer It refers to events where there are exchanges of values that are measurable in one common denominator. Journal - correct answer It is the book of original entry. Ledger - correct answer It is the...

Which key components make up the bookkeeping process? (2) - Answer-recording and classifying transactions is known as bookkeeping. Describe the roles filled by a accountant (3) - Answer-Accounting is a system of summarizing, interpreting, and communicating financial data. What are the primary functions associated with accounting ? (4) - Answer-Accounting is the next step in the process. Accounting is the system of summarizing, interpreting, and communicating financial data. Specify func...

Bookkeeping with QuickBooks Questions and Answers 100% Pass How do you categorize an expense in QuickBooks? To categorize an expense in QuickBooks, go to the "Expenses" menu, select "Enter Bills" or "Write Checks," choose the expense account from the drop-down list, and enter the expense details. What is a QuickBooks balance sheet report? A balance sheet report in QuickBooks shows the company’s financial position at a specific date, listing assets, liabilities, and equity. ...

Penn Foster: Bookkeeping Latest Update Graded A+ How is a purchase order used in bookkeeping? A purchase order is used to document and authorize the purchase of goods or services, and it helps ensure that transactions are recorded accurately when the invoice is received. What is the purpose of a debit memo? A debit memo is used to adjust an account balance by increasing the amount owed or reducing the amount recorded, often due to a returned product or a billing error. How do y...

Intuit Bookkeeping Professional Certificate Exam Questions With Revised Correct Answers Updated In the first month of operations, Pepper Consulting's total debit entries to the cash account amounted to $900, and the total credit entries to the cash account amounted to $600. The cash account has a: - ANSWER - $300 debit balance Pepper Consulting bought computers with credit from PYO Suppliers and entered the purchase into QuickBooks. The transaction journal for Pepper Con...

Bookkeeping Basics Part 2. Question and answers verified to pass 2024 Bookkeeping Basics Part 2, Accounting Topic 2 Double Entry Book Keeping, Bookkeeping with Quickbooks, AAT Level 2 - Bookkeeping Revenue - correct answer Revenue represents the income your client earns through their business operations. It's their gross proceeds from sales, whether that's products, services, rentals, or anything else that bring money into the business. Expenses - correct answer Expenses represent t...

Penn Foster Question and answers verified to pass 2024 Penn Foster: Bookkeeping, Bookkeeping - Adjusting Entries, Accounting, Bookkeeping Basics Week 4 Assumptions Bookkeeper - correct answer A person in charge of keeping the financial records of an organization. Service Business - correct answer A business that performs a service in exchange for payment. Bookkeeping - correct answer The process of recording business transactions. Accounting - correct answer The art of recor...