The ledger is a book of - Study guides, Class notes & Summaries

Provides a measure of the maximum potential damage associated with an occurrence - Answer- exposure ________________ is an essential goal for all public entities - Answer- continuity of operations An organization must meet the standard of care that it owes to others in order to ensure that... - Answer- legal obligations are satisfied What are the five steps of the risk management process? - Answer- - scan environment - identify risk - analyze risk - treat risk - monitor and review ...

1. Which one of the following steps should be taken first in a risk management program? A. Purchasing of adequate insurance B. Conducting of employee safety drills C. Identifying hazards and risks D. Conducting staff in-services on incident reporting and accident prevention. - ANSWER-C. Identifying hazards and risks 2. Which of the following professionals is authorized to dispense medications? A. registered nurse B. licensed nurse, physician and, in some states, medication aide. ...

AAT Level 2 - Bookkeeping Transactions Questions and Answers 100% Pass What is the purpose of a sales invoice? A sales invoice documents the sale of goods or services, detailing the amount owed by the customer. How are purchases recorded in bookkeeping? Purchases are recorded as debits in the purchases account and credits in the accounts payable account. What is the function of a petty cash book? A petty cash book tracks small, everyday expenses paid in cash, helping to manage ...

Accounting 2401 Final Exam Study Guide ACCOUNTING 2401 FINAL EXAM STUDY GUIDE   Accounting 2401 Final Exam Study Guide Multiple Choice (2.5 points each) 1. During 2014, Parker Enterprises generated revenues of $90,000. The company’s expenses were as follows: cost of goods sold of $45,000, operating expenses of $18,000 and a loss on the sale of equipment of $3,000. Parker’s gross profit is a. $24,000. b. $27,000. c. $45,000. d. $90,000. 2. During 2014, Parker Ente...

3. The running balance form or the T account form is typically used in the trial balance to display the accounts and their amounts. True False 4. Dividends are an expense of a corporation and reduce both total assets and liabilities. True False 5. Dividends increase owners’ equity and therefore should be added to retained earnings. True False 6. Every business transaction is recorded by a debit to a balance sheet account and a credit to an income statement account. True False 7. Earn...

Bookkeeper Practice Test with Complete Solutions What is the main purpose of a general journal? The main purpose of a general journal is to record all types of transactions in chronological order before they are posted to individual ledger accounts. What does "depreciation" refer to in bookkeeping? Depreciation refers to the gradual reduction in the value of a fixed asset over time due to wear and tear or obsolescence. How is an expense invoice typically handled in bookkeepin...

Chapter 15 Bookkeeping Test Review Questions and answers verified to pass 2024 Chapter 15 Bookkeeping Test Review Questions, Double Entry Book Keeping ( Chapter 6 ), Bookkeeping, Chapter 19 Bookkeeping and Banking Chapter Vocabulary, The double entry system of book-keeping Amounts owed to creditors are known as - correct answer Accounts payable Professional discounts, courtesy adjustments, and disallowances by insurance companies are examples of - correct answer Adjustments In a m...

ACCT 211 Final ExamFalse - correct answer Understanding generally accepted accounting principles is not necessary to effectively use and interpret financial statements Assets=Liability + Equity - correct answer Accounting Equation False - correct answer From an accounting perspective, an event is a happening that affects the accounting equation, but cannot be measured Accounts Payable - correct answer All of the following are assets except: Accounts Payable Accounts Receivable Cash ...

Reconciliation Questions with complete solution 2024 Reconciliation (QuickBooks book keeping), Bookkeeping Basics - Accounting Concepts and Measurement Assessment, Chapter 2- Double-entry book-keeping: first principles, QuickBooks If your account balances don't match at the end of the month, which of the following steps should you take to find the error? Select all that apply. - correct answer -Go line by line comparing ledger entries with the external account statement -Check the balance...

ACCT 211 Final Exam questions well answered graded A+False - correct answer Understanding generally accepted accounting principles is not necessary to effectively use and interpret financial statements Assets=Liability + Equity - correct answer Accounting Equation False - correct answer From an accounting perspective, an event is a happening that affects the accounting equation, but cannot be measured Accounts Payable - correct answer All of the following are assets except: Accounts Pa...