Bookkeeping terms - Study guides, Class notes & Summaries

Bookkeeping/Accounting Terms Accounting - Answer- The process of recording and communicating financial information that is intended to be useful in making economic decisions. Entity assumption - Answer- A business is considered a separate entity distinguishable from its owners, creditors, employees, and all other entities. Asset - Answer- Resources owned by a business that have money value. Cost principle - Answer- Business transactions are entered in the accounting system at cost wh...

Journal - ANSWER-Record of financial transaction from original documents ( checks, receipts, invoices) Chart of accounts - ANSWER-Acts like folders where specific transactions are placed Assets - ANSWER-anything of value owned by a business Liabilities - ANSWER-amounts owed by the business owners equity or capital - ANSWER-investment of the owners, and accumulation of profit or losses Revenue - ANSWER-the value resulting from sales of goods or services over a period of time cos...

Payroll compliance legislation final Exam Chapters 5-9|76 Questions with Verified Answers The Ontario Health Premiums are calculated based on - CORRECT ANSWER employee earnings in excess of $20,000.00 Which of the following provinces funds its health care coverage through premiums? - CORRECT ANSWER British Columbia Newfoundland and Labrador fund their health care systems through: - CORRECT ANSWER employer tax If a province funds their health care systems through the regular tax base,...

Intuit Certified Bookkeeping Professional Project Workbook First Edition Table of Contents Introduction 1 Best Practices Using LearnKey’s Online Training 2 Using This Workbook 3 Skills Assessment 4 Intuit Certified Bookkeeping Professional Video Times 5 Domain 1 Lesson 1 6 Fill-in-the-Blanks 7 Ethical Responsibilities 8 Accounting Equation 9 Important Financial Reports 10 Double-Entry Accounting and T-Accounts 11 Transaction Journal and General Ledger 12 Domain 1 Lesson 2 13 ...

Bookkeeping Test Question and answers already passed 2024 Bookkeeping Test, Ch. 15: Bookkeeping, Bookkeeping Certification, Bookkeeping/Accounting Terms A listing of the account numbers and titles but without account balances is the ______________ of accounts. - correct answer Chart Prior to approving a vendor's invoice for payment, the invoice, receiving ticket, and ______________ order should be compared. - correct answer Purchases

AES Bookkeeping Question and answers rated A+ 2024 AES Bookkeeping, bookkeeping level 2 terms, Lecture 8 - Recondring Financial Transactions (Double Book Keeping) When should daysheets be updated? - correct answer As each transaction takes place Which manual bookkeeping system has a built-in way to check for errors? - correct answer Double-entry system In which of the following ledgers must an outstanding patient balance be recorded? - correct answer Both the patient ledger and th...

Intuit Bookkeeping Certification Exam Terms – Complete Study Set With Expert Solutions

Solution Manual for Accounting Principles 14th Edition by Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell | All Chapters Complete 2024. State the accounting equation, and define its components. 4. Analyze the effects of business transactions on the accounting equation. 5. Describe the four financial statements and how they are prepared. *6. Explain the career opportunities in accounting. *Note: All asterisked Questions, Brief Exercises, Exercises, and Problems relate to materiacontaine...

Bookkeeping Question and answers already passed 2024 Bookkeeper - correct answer A person in charge of keeping the financial records of an organization Bookkeeping - correct answer The process of recording business transactions Service business - correct answer A business that performs a service in exchange for payment Accounting - correct answer The art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events which are o...

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...