Double entry bookkeeping Study guides, Revision notes & Summaries

BOOKKEEPING EXAM QUESTIONS AND ANSWERS Journalize - ANSWER-Record business transactions in a general journal Double-Entry Bookkeeping - ANSWER-A system of bookkeeping where every entry is composed of two parts: a debit and a credit Foot and Balance - ANSWER-To figure the balance of an account Post Reference - ANSWER-Reference that connects the same entry in the general journal and the general ledger Drawing - ANSWER-The account title used for owner's withdrawals Revenue & inve...

Financial Edge Training Exam 2023 Copy right - Excel - ANS-Ctrl + r Formulas involving cells - Excel - ANS-=(Inset cell + Insert other cell) * Other cell The use of the plus sign or Asterix above is just one of many examples of how one can use equations Copy down - Excel - ANS-Ctrl + d Summing in excel - ANS-=Sum(input source cell and shift down/up) Balance Sheet - ANS-A financial statement that reports assets, liabilities, and owner's equity on a specific date. Assets = Liabilities + ...

accounting -ANSWERSthe recording, measurement, and interpretation of financial information certified public accountant (CPA) -ANSWERSan individual who has been state certified to provide accounting services ranging from the preparation of financial records and the filing of tax returns to complex audits of corporate financial records forensic accounting -ANSWERSaccounting that is fit for legal review, involves analyzing financial documents in search of fraudulent entries or financial misco...

Which of the following is the most correct definition of accounting - A system for providing quantitative information, primarily financial in nature, about economic entities that is intended to be useful in making economic decisions Which is NOT a key component of the definition of accounting - Qualitative What is NOT typically true of accounting information - The information relates to future time periods. What is true about the double-entry system of bookkeeping - It was developed in th...

financial statement communicates what? - Answer - financial condition - results of operations - various other activities of an organization how board of directors use financial data... - Answer - hold management accountable - make board-level decisions about corporate strategy how company management uses financial data... - Answer - measure performance - make strategic, operating and financial decisions how creditors use financial data... - Answer - measure creditworthiness - liqu...

What is client money? CORRECT ANSWER Money received by you relating to regulated services by you to a client, on behalf of a 3rd party in relation to the regulated services If a client has not yet been billed but you receive money from them, which account does it go into? CORRECT ANSWER The client bank account Money coming INTO the firm for a client, is recorded how? CORRECT ANSWER As a CREDIT in their Credit ledger and DEBIT in the cash account Money LEAVING the firm, is owed to it by ...

WGU C201 Ch15 Understanding accounting and financial statementsowner's equity - correct answer According to the accounting equation, a claim against the assets of the business; excess of assets over liabilities is (_____). certified public accountant - correct answer A(n) (_____) is a professional who has met specified educational and experiential requirements, and passed a comprehensive examination on accounting theory and practice. certified management accountant - correct answer ...

WGU C213 PA & OA Study Guide #2 Questions and 100% Correct Answers 2023 Which of the following is the most correct definition of accounting? A system for providing quantitative information, primarily financial in nature, about economic entities that is intended to be useful in making economic decisions What is NOT typically true of accounting information? The information relates to future time periods. Which is NOT a key component of the definition of accounting? Qualitative ...

A device for recording the changes (increases or decreases) in the fundamental accounting elements. Account The process involved in journalizing, posting to the ledger, taking a trial balance, preparing statements, making adjusting and closing entires, and preparing a post-closing trial balance. Accounting cycle Which of the following terms is defined as an unwritten promise by a customer to pay, at a later date, goods sold or services rendered? Accounts receivable Entries made at the conc...

Accounting for Decision Makers - C213 Pre Assessment Questions and Answers 100% Pass Which of the following is the most correct definition of accounting? - Correct Answer ️️ -A system for providing quantitative information, primarily financial in nature, about economic entities that is intended to be useful in making economic decisions What is NOT typically true of accounting information? - Correct Answer ️️ -The information relates to future time periods. Which is NOT a key comp...