Double entry bookkeeping - Study guides, Class notes & Summaries

Double Entry Bookkeeping questions with correct answers

Double Entry Bookkeeping

MIE 201 Test 5 accounting - correct answer the recording, measurement, and interpretation of financial information certified public accountant (CPA) - correct answer an individual who has been state certified to provide accounting services ranging from the preparation of financial records and the filing of tax returns to complex audits of corporate financial records forensic accounting - correct answer accounting that is fit for legal review, involves analyzing financial documents in sea...

4; DOUBLE ENTRY BOOKKEEPING

Double entry accounting - ANSWER-A method of bookkeeping which records each financial transaction twice using debits and credits. Double entry bookkeeping system - ANSWER-A method of bookkeeping that reflects the dual nature of each transaction as it affects the business. Ledger - ANSWER-A book in which entries posted from the journals are re-organized into accounts. Journal - ANSWER-A book or set of books where your transactions are first entered. Journal entries - ANSWER-A term use...

ACCOUNTING - DOUBLE ENTRY BOOKKEEPING QUESTIONS WITH COMPLETE ANSWERS

The 3 components of a balance sheet - ANSWER-Assets, Liabilities and Capital The two main statements in a set of financial accounts - ANSWER-Balance sheet and Profit and loss account. Reasons accounting records are kept by businesses - ANSWER-To provide a permanent record of financial transactions. To provide information from which financial accounts can be prepared. To provide information from which management reports can be prepared. To provide a means of controlling assets. To provi...

Financial Edge Training Exam 2023 Copy right - Excel - ANS-Ctrl + r Formulas involving cells - Excel - ANS-=(Inset cell + Insert other cell) * Other cell The use of the plus sign or Asterix above is just one of many examples of how one can use equations Copy down - Excel - ANS-Ctrl + d Summing in excel - ANS-=Sum(input source cell and shift down/up) Balance Sheet - ANS-A financial statement that reports assets, liabilities, and owner's equity on a specific date. Assets = Liabilities + ...

Bookkeeping Ch 1-6 Questions and Answers Already Passed What is the primary purpose of bookkeeping? The primary purpose of bookkeeping is to systematically record and organize financial transactions to provide accurate financial information. What is an account in bookkeeping? An account is a record used to track financial transactions related to a specific asset, liability, equity, revenue, or expense. What is the difference between a debit and a credit? A debit increases a...

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 ...