100% de satisfacción garantizada Inmediatamente disponible después del pago Tanto en línea como en PDF No estas atado a nada
logo-home
Bookkeeping Basics Part 10 UPDATED Exam Questions and CORRECT Answers $9.99
Añadir al carrito

Examen

Bookkeeping Basics Part 10 UPDATED Exam Questions and CORRECT Answers

 3 vistas  0 veces vendidas
  • Grado
  • Bookkeeping
  • Institución
  • Bookkeeping

Bookkeeping Basics Part 10 UPDATED Exam Questions and CORRECT Answers Anything a business owns of value, or a resource of value, that has the potential to be transformed into cash. - CORRECT ANSWER - Asset The list of all of the accounts and sub-accounts used to categorize transactions. - COR...

[Mostrar más]

Vista previa 2 fuera de 6  páginas

  • 10 de diciembre de 2024
  • 6
  • 2024/2025
  • Examen
  • Preguntas y respuestas
  • Bookkeeping
  • Bookkeeping
avatar-seller
Bookkeeping Basics Part 10 UPDATED
Exam Questions and CORRECT Answers
Anything a business owns of value, or a resource of value, that has the potential to be
transformed into cash. - CORRECT ANSWER - Asset


The list of all of the accounts and sub-accounts used to categorize transactions. - CORRECT
ANSWER - Chart of accounts



The report covering the sources and uses of cash by a business. - CORRECT ANSWER -
Statement of cashflows


The financial statement that reports a business's assets, liabilities, and equity at a specific point in
time. - CORRECT ANSWER - Balance sheet


When Craig, the owner of a landscaping business, buys equipment, the purchase appears as a
debit on his business's balance sheet. What does this mean? - CORRECT ANSWER -A
debit is an increase in assets or expenses or a decrease in liabilities, owner's equity or revenue.


When Craig sells mulch, the sales revenue appears as credit on his business's books. What does
this mean? - CORRECT ANSWER - A credit is a decrease in assets or expenses or an
increase in liabilities, owner's equity or revenue.


Craig considers the investment in the business he owns as equity. What does this mean? -
CORRECT ANSWER - Equity is an owner's stake in the company, how much the owner
has invested into the business or withdrawn from the business over time.


Income earned through business, gross proceeds or sales. - CORRECT ANSWER -
Revenue


Costs associated with the action of running a business. - CORRECT ANSWER - Expenses

, Money a business owes to others. - CORRECT ANSWER - Liability


The report that shows a business's revenues and expenses during a particular period. -
CORRECT ANSWER - Income statement


Other than the transaction journal, what is another place that we can view the individual
transactions that

Craig has made? - CORRECT ANSWER - General ledger


Which section will the credit card transaction be shown

on the balance sheet? - CORRECT ANSWER - Total liabilities


Which section includes the account for the credit card purchases for the period? - CORRECT
ANSWER - Which section includes the account for the credit card purchases for the
period?


Which type of account is accounts receivable? - CORRECT ANSWER - Assets


You're the owner of a small landscaping business that provides lawn care services to residential
customers. You charge $100 per service, and you usually get paid at the end of each month. In
June, you provided 1 service each to 10 different customers, but only 8 of them paid you by June
30. The other 2 customers paid you on July 5. - CORRECT ANSWER - Under accrual
accounting, revenue is recognized when it is earned, regardless of when cash is received.
Therefore, you would report $1,000 as revenue for June since you provided 10 services at $100
each. Under cash-basis accounting, revenue is recognized only when cash is received.
Therefore, you would report only $800 as revenue for June since you received payment from 8
customers at $100 each. The payment from the other 2 customers would be reported as revenue
in July under cash-basis accounting.


What is a credit in accounting? - CORRECT ANSWER - A decrease in assets or expenses
or an increase in liabilities, owner's equity or revenue.

Los beneficios de comprar resúmenes en Stuvia estan en línea:

Garantiza la calidad de los comentarios

Garantiza la calidad de los comentarios

Compradores de Stuvia evaluaron más de 700.000 resúmenes. Así estas seguro que compras los mejores documentos!

Compra fácil y rápido

Compra fácil y rápido

Puedes pagar rápidamente y en una vez con iDeal, tarjeta de crédito o con tu crédito de Stuvia. Sin tener que hacerte miembro.

Enfócate en lo más importante

Enfócate en lo más importante

Tus compañeros escriben los resúmenes. Por eso tienes la seguridad que tienes un resumen actual y confiable. Así llegas a la conclusión rapidamente!

Preguntas frecuentes

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

100% de satisfacción garantizada: ¿Cómo funciona?

Nuestra garantía de satisfacción le asegura que siempre encontrará un documento de estudio a tu medida. Tu rellenas un formulario y nuestro equipo de atención al cliente se encarga del resto.

Who am I buying this summary from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller MGRADES. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy this summary for $9.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

45,681 summaries were sold in the last 30 days

Founded in 2010, the go-to place to buy summaries for 14 years now

Empieza a vender
$9.99
  • (0)
Añadir al carrito
Añadido