Question 1
Four Key Elements of Bookkeeping Ethics
ANSWER
Honesty, Objectivity, Confidentiality and Professionalism
Question 2
What is DEALER
ANSWER
Dividends + Expenses + Assets = Liabilities + Owner's Equity (beginning) + Revenue
Question 3
What's is the accounting Equation?
ANSWER
Assets = Liabilities + Equity
Question 4
Profit and Loss statement. Shows the company's revenues and expenses during a particular
period
ANSWER
The Income Statement
1
,Question 5
A financial statement that reports a company's assets, liabilities, and equity at a specific
point in time
ANSWER
The Balance Sheet
Question 6
Reports the changes in company equity, from the opening balance to the end of the period
balance.
ANSWER
The Statement of Equity
Question 7
Reports the sources and uses of cash by a business
ANSWER
The Statement of Cash Flow
Question 8
Accounting Cycle
ANSWER
1. Analyze and record transactions
2. Post transactions to ledger
2
, 3. Prepare an unadjusted trial balance
4. Prepare adjusted entries at the end of the period
5. Prepare adjusted trial balance
6. Prepare financial statements
Question 9
If customers pays at the time of sale you must enter it as a
ANSWER
Sales Receipt
Question 10
If customers does not pay at the time of sale you must enter it as a
ANSWER
Invoice
Question 11
Once and customer has paid an invoice it goes to
ANSWER
Receive payment
Question 12
Receive payment and sales receipt are followed by
3
Four Key Elements of Bookkeeping Ethics
ANSWER
Honesty, Objectivity, Confidentiality and Professionalism
Question 2
What is DEALER
ANSWER
Dividends + Expenses + Assets = Liabilities + Owner's Equity (beginning) + Revenue
Question 3
What's is the accounting Equation?
ANSWER
Assets = Liabilities + Equity
Question 4
Profit and Loss statement. Shows the company's revenues and expenses during a particular
period
ANSWER
The Income Statement
1
,Question 5
A financial statement that reports a company's assets, liabilities, and equity at a specific
point in time
ANSWER
The Balance Sheet
Question 6
Reports the changes in company equity, from the opening balance to the end of the period
balance.
ANSWER
The Statement of Equity
Question 7
Reports the sources and uses of cash by a business
ANSWER
The Statement of Cash Flow
Question 8
Accounting Cycle
ANSWER
1. Analyze and record transactions
2. Post transactions to ledger
2
, 3. Prepare an unadjusted trial balance
4. Prepare adjusted entries at the end of the period
5. Prepare adjusted trial balance
6. Prepare financial statements
Question 9
If customers pays at the time of sale you must enter it as a
ANSWER
Sales Receipt
Question 10
If customers does not pay at the time of sale you must enter it as a
ANSWER
Invoice
Question 11
Once and customer has paid an invoice it goes to
ANSWER
Receive payment
Question 12
Receive payment and sales receipt are followed by
3
