Bookkeeping Certification Course Q And A

BOOKKEEPING CERTIFICATION
COURSE Q AND A

Acyschedulecythatcycontainscyallcyaccountscyneededcytocypreparecyfinancialcystatementscyis
cyknowncyas:cy-cyanswer--generalcyledger



Reorganizingcyallcythecyjournalcyentriescyandcygroupingcythemcybycyaccountcyiscyknowncyas:
cy-cyanswer--postingcytocythecyledger



ChartcyofcyAccountscy(COA)cy-cyanswer--
ancyorderedcylistingcyofcyaccountscythatcyacycompanycyhascyidentifiedcyandcymadecyavailabl
ecyforcyrecordingcytransactions

JournalcyEntrycy-cyanswer--
ancyaccountingcymethodcyforcyexpressingcythecyeffectscyofcyacytransactioncyoncyaccountscyi
ncyacydebits-equal-creditscyformat

GeneralcyLedgercy-cyanswer--
Acyledgercythatcycontainscyallcyaccountscyneededcytocypreparecyfinancialcystatements

FinancialcyStatementscy-cyanswer--
Financialcyreportscythatcysummarizecythecyfinancialcyconditioncyandcyoperationscyofcyacybus
iness

TocyfindcythecybalancecyofcythecyaccountcytypescythatcyINCREASEcywithcyacyDEBITcy(assetcy
andcyexpensecyaccount),cybookkeeper'scywill:cy-cyanswer--
Subtractcytotalcycreditscyfromcytotalcydebitscy(Debits-Credits=)

AccountingcyCyclecyStepscy-cyanswer--1.cyAnalyzecybusinesscytransactions
2.cyJournalizecythecytransactions
3.cyPostcytocyledgercyaccounts
4.cyPreparecyacytrialcybalance
5.cyJournalizecyandcypostcyadjustingcyentries
6.cyPreparecyancyadjustedcytrialcybalance
7.cyPreparecyfinancialcystatements
8.cyJournalizecyandcypostcyclosingcyentries
9.cyPreparecyacypost-closingcytrialcybalance

Thecyaccountingcycyclecystepcy1cy-cyanswer--Analyzecybusinesscytransactions

Aftercyanalysis,cythecybusinesscytransactioncyiscyrecordedcyincythecyjournalcyincywhatcyorder:
cy-cyanswer--Chronological

, AcyformcyorcystatementcythatcylistscythecytitlescyandcybalancescyofcyALLcyledgercyaccountscya
tcyacygivencydatecyiscyknowncyascya:cy-cyanswer--trialcybalance

SydneycyiscyenteringcyacytransactioncyincyQuickBooks.cyWhatcyarecythecytwocystepscyofcyma
nualcyaccountingcythatcywillcyhappencysimultaneouslycyascyshecydoescythis?cy-cyanswer--
Creatingcyacyjournalcyentrycyandcypostingcytocythecyledger

Accountcynumberscybeginningcywithcyacy1cyorcyacy6cysignifiescywhatcytypecyofcyaccounts:cy-
cyanswer--Assetcyandcyandcyoperatingcyforcyexample



Acytrialcybalancecywherecytotalcydebitscyequalcytotalcycreditscyindicates:cy-cyanswer---
cyThecyledgercyiscyincybalance.



Tocydeterminecyacycompaniescyfinancialcypositioncywascyoncyacycertaincydate,cywhichcywoul
dcybecythecybestcyreportcytocylookcyat?cy-cyanswer--
Thecybalancecysheetcybecausecyitcyreportscyacycompany'scyassets,cyliabilities,cyandcyequity
cyatcyacyspecificcypointcyincytime.cyAcycompanycycancyusecythiscytocydeterminecythecyfinancialc

ypositioncyoncythecydaycyitcyneedscyit



Whatcyfinancialcystatementcyreportscythecysourcescyandcyusescyofcycashcybycyacybusiness?
cy-cyanswer--

Statementcyofcycashcyflowcysummarizescythecyamountcyofcycashcyandcycashcyequivalentscy
enteringcyandcyleavingcyacycompany

unadjustedcytrialcybalancecy-cyanswer--
Listscythecygeneralcyledgercyaccountcybalancescyatcythecyendcyofcythecyreportingcyperiodcybe
forecyanycyadjustingcyentriescyarecyrecordedcyandcyposted.cyItcyiscythecystartingcypointcyatcyst
epcy3cyusedcyforcyanalyzingcyaccountcybalancescyandcymakingcyadjustments

Acytransactioncyjournalcyshowscyacy$100cycustomercypaymentcyintocyQuickBooks.cyWhichc
yaccountcywouldcyshowcyascybeingcydebited?cy-cyanswer--

Thecybusinesscybankcyaccountcywouldcybecydebitedcy$100cybecausecyitcywillcyINCREASEcy
thecybackcyaccountcybalancecybycy$100

double-
entrycybookkeepingcynormallycyresultscyincywhichcyofcythecyfollowingcybalancescyincythecyled
gercyaccounts?cy-cyanswer--Debit:cyassetscyandcyexpenses/
cyCredit:cyLiabilities,cyEquity,cyandcyRevenue



Ifcyyoucyhavecyacydebitcyentrycyincyacycashcyaccountcyofcy$900cyandcytotalcycreditcyentriescyofc
y$600cytocythecycashcyaccountcythecycashcyaccountcyhascywhatcytypecyandcyamountcybalanc

e?cy-cyanswer--
$300cydebitcybalancecybecausecytotalcydebitscy$900cyminutecytotalcycreditscyofcy$600=cyacy$
300cyPOSITIVEcy(debit)cybalance

acycompanycyboughtcycomputerscywithcycreditcyfromcyacysuppliercyandcyenteredcythecypurch
asecyintocyQuickbooks.cyThecytransactioncyjournalcyforcythecycompanycywouldcyshowcywhat
cykindcyofcyentrycy-cyanswer--Debit:Computers/

cyCredit:cySuppliercycreditcyPAYABLEcybecausecywhencyyoucyentercyacytransactioncythatcyin