Bookkeeping Study guides, Class notes & Summaries

BOOKKEEPING CERTIFICATION EXAM QUESTIONS WITH COMPLETE ANSWERS Centrum Services purchased $36,000 worth of equipment. The equipment has an estimated useful life of five years and no salvage value. Using the straight-line method, the depreciation for the first month is -ANSWER- $600. On a worksheet, the adjusting entry to account for depreciation of equipment consists of a -ANSWER- debit to Depreciation Expense and a credit to Accumulated Depreciation. The adjusting entry to account for ...

D196- Principles of Financial and Managerial Accounting Questions and Answers Graded A bookkeeping day to day keeping of transcations steps of decision making identify issue gather information identify alternatives select option that most likely results in desired objective accounting analysis of events record and report financial effects of business activities where does capital come from (3) investors creditors(lenders) business itself (from earnings retained) 2 main types of accounting fi...

BOMI- Budgeting and Accounting Final Exam 2023 Actual Questions and Answers Solved Correctly Which key components make up the bookkeeping process? (2) recording and classifying transactions is known as bookkeeping. Describe the roles filled by a accountant (3) Accounting is a system of summarizing, interpreting, and communicating financial data. What are the primary functions associated with accounting ? (4) Accounting is the next step in the process. Accounting is the system of summariz...

BOMI- Budgeting and Accounting Final Exam 2023 Actual Questions and Answers Solved Correctly Which key components make up the bookkeeping process? (2) recording and classifying transactions is known as bookkeeping. Describe the roles filled by a accountant (3) Accounting is a system of summarizing, interpreting, and communicating financial data. What are the primary functions associated with accounting ? (4) Accounting is the next step in the process. Accounting is the system of summariz...

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...

BOOKKEEPING CH #1-6 REVIEW EXAM QUESTIONS AND ANSWERS Revenue accounts (P. 93) - ANSWER-First up in the income statement portion of the Chart of Accounts are accounts that track revenue coming into the business. The most common income accounts are: - Sales of Goods or Services - Sales Discounts - Sale returns Other income accounts that may appear include: 1. Other income 2. Interest Income 3. Sale of Fixed Assets Tracking Cost of Sales - ANSWER-Before you can sell a product, you ...

The Accounting Principle - You can't mix business and personal assets or expenses. Accounting Equation - Assets = Liabilities + Owner's Equity or Assets - Liabilities = Owner's Equity Expanded Accounting Equation - Assets = Liabilities + Equity + Revenue - Expenses - Dividends The Five Account Types - Assets, Liabilities, Equity, Revenue, Expenses Normal balance of the five account types - Assets- Normal Dr balance Expenses- Normal Dr balance Dividends- Normal Dr balance Equity- Nor...

BOOKKEEPING PROCEDURES EXAM QUESTIONS WITH CORRECT ANSWERS The bills that the practice has for office rent, equipment rental and salaries are known as - ANSWER-Accounts payable A type of charge slip that utilizes diagnostic and procedure codes is called - ANSWER-An encounter form Use of the accrual accounting method means that - ANSWER-Expenses are recorded when materials are ordered Most medical facilities in which doctors practice collect co-payments or balances due from patients -...

INTUIT BOOKKEEPING ACTUAL EXAM WITH QUESTIONS AND CORRECT ANSWERS[GRADED A+] Four Key Elements of Bookkeeping Ethics - CORRECT ANSWER-Honesty, Objectivity, Confidentiality and Professionalism What is DEALER - CORRECT ANSWER-Dividends + Expenses + Assets = Liabilities + Owner's Equity (beginning) + Revenue What's is the accounting Equation? - CORRECT ANSWER-Assets = Liabilities + Equity Profit and Loss statement. Shows the company's revenues and expenses during a particular p...

Intuit Academy Bookkeeping Professional Certificate Liabilities and Equity questions and answers.