Penn Foster: Bookkeeping UPDATED ACTUAL Exam Questions and CORRECT Answers

Penn Foster: Bookkeeping UPDATED
ACTUAL Exam Questions and CORRECT
Answers
Bookkeeper - CORRECT ANSWER - A person in charge of keeping the financial records
of an organization.


Service Business - CORRECT ANSWER - A business that performs a service in exchange
for payment.


Bookkeeping - CORRECT ANSWER - The process of recording business transactions.



Accounting - CORRECT ANSWER - The art of recording, classifying, and summarizing
in a significant manner and in terms of money, transactions and events which are of a financial
character,and interpreting the results.


Account Title - CORRECT ANSWER - The name given to an account.



Transaction - CORRECT ANSWER - Any activity that occurs in the business that changes
part of the accounting equation (assets, liabilities, or owner's equity).


Account Balance - CORRECT ANSWER - The amount in an account.



Accounting Equation - CORRECT ANSWER - Assets = Liabilities + Owner's Equity



Asset - CORRECT ANSWER - Anything of value that is owned.



Capital - CORRECT ANSWER - Account used to summarize owner's equity.