Bookkeeping Study guides, Class notes & Summaries

ACCOUNTING - DOUBLE ENTRY BOOKKEEPING QUESTIONS WITH COMPLETE ANSWERS

ACCOUNTING AND BOOKKEEPING EXAM QUESTIONS WITH CORRECT ANSWERS

ACCOUNTING COACH BOOKKEEPING EXAM QUESTIONS AND ANSWERS What is the current portion of long-term debt? - ANSWER-Reports the principle portion of a long-term debt that will have to be paid within one year of the date of the balance sheet and will be recorded as current liability. What is Accounts Payable? - ANSWER-Liability account that contains the amounts owed to suppliers for invoices that have been approved and entered for payment or employee wages and benefits earned but not yet record...

ACCOUNTING V. BOOKKEEPING REVIEW EXAM GUIDE QUESTIONS WITH CORRECT ANSWERS

ACCOUNTING-BOOKKEEPING EXAM QUESTIONS AND ANSWERS furniture - ANSWER-expenditures on items needed in a business office such as tables, desks, chairs, and cabinets Types of liabilities - ANSWER-Accounts payable Notes payable Mortgage payable accounts payable - ANSWER-creditor's claim against the business when business purchased goods or service from the creditor notes payable - ANSWER-business' formal written agreement to pay a specific amount over a period of time mortgage pay...

BASIC BOOKKEEPING PRACTICE EXAM QUESTIONS WITH COMPLETE SOLUTIONS A listing of a company's accounts with left and right columns for their debit and credit balances so totals can be taken to check that debits equal credits is called a _____. - ANSWER-Trial Balance A company makes a principal payment on a loan it has with the bank. This transaction will cause assets to _____ (choose increase or decrease) and liabilities to _____ (choose increase or decrease). - ANSWER-decrease; decrease ...

BOOKKEEPING (AES) EXAM QUESTIONS WITH CORRECT ANSWERS

BOOKKEEPING BASICS EXAM STUDY GUIDE QUESTIONS AND ANSWERS

BOOKKEEPING BASICS STUDY GUIDE EXAM QUESTIONS WITH CORRECT ANSWERS

BOOKKEEPING CERTIFICATION COURSE EXAM QUESTIONS AND ANSWERS on financial statements that it would be misleading. This is very subjective and bookkeeper should ask for advice from colleges or an accountant when needed Consistency Principle - ANSWER-A business should use the same accounting methods and procedures from period to period. this principle applies to line items on all financial statements and reports. Only change an accounting principle or method if the new version improves report...