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Bookkeeping Certification Exam UPDATED ACTUAL Exam Questions and CORRECT Answers $10.49
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Bookkeeping Certification Exam UPDATED ACTUAL Exam Questions and CORRECT Answers

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Bookkeeping Certification Exam UPDATED ACTUAL Exam Questions and CORRECT Answers Accounting provides information for employees within a business but not for those outside of a business. T o F - CORRECT ANSWER - F Assets represent amounts owed to entities outside of the business. - CORRECT ...

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  • 10 de diciembre de 2024
  • 14
  • 2024/2025
  • Examen
  • Preguntas y respuestas
  • Bookkeeping
  • Bookkeeping
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Bookkeeping Certification Exam UPDATED
ACTUAL Exam Questions and CORRECT
Answers
Accounting provides information for employees within a business but not for those outside of a
business. T o F - CORRECT ANSWER -F


Assets represent amounts owed to entities outside of the business. - CORRECT
ANSWER -F



Notes Payable is a liability account. - CORRECT ANSWER -F


The Nathaniel H. Spencer, Capital account represents amounts withdrawn from a business by the
owner. - CORRECT ANSWER -F


With double-entry bookkeeping, at least two accounts are impacted by every transaction. -
CORRECT ANSWER -T



All transactions must involve at least three accounts. - CORRECT ANSWER -F


The sale of services to a customer on account increases the Service Revenue and the Accounts
Receivable accounts. - CORRECT ANSWER -T


The accounting equation must be in balance after every transaction. - CORRECT
ANSWER -T


Recording transactions allows a company to maintain a running balance for each account. -
CORRECT ANSWER -T

, What is the accounting equation? - CORRECT ANSWER - Assets = Liabilities + Owner's
Equity


Which account is NOT an owner's equity account?
Rent Expense
John Doe, Capital
Service Revenue

Supplies - CORRECT ANSWER - Supplies


Identify the action that is NOT a transaction.
Renaming a business
Purchasing office furniture for cash
Selling goods to a customer

The owner investing cash into a business - CORRECT ANSWER - Renaming a Business


What two accounts are impacted when a business purchases pens and pencils on account?
Furniture and Cash
Supplies and Accounts Payable
Cash and Supplies

Accounts Receivable and Accounts Payable - CORRECT ANSWER - Supplies and
Accounts Payable


What is something a bookkeeper is NOT typically responsible for, per the U.S. Bureau of Labor
Statistics?
Analyzing quarterly results
Recording financial transactions
Updating statements

Checking financial records for accuracy - CORRECT ANSWER - Analyzing Quarterly
Results

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