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FPC Payroll accounting Exam Questions and Answers

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FPC Payroll accounting Exam Questions and Answers

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FPC Payroll accounting Exam Questions
and Answers



What is journal entry? - Answer-Record of the daily transactions of a business. Every journal entry
records equal debits and credits.



What is the general ledger? - Answer-The general ledger is a record of business transactions by account.
Journal entries are posted to the general ledger. The financial statements are prepared from the general
ledger.



What is the accounting flow? - Answer-The accounting flow starts with the transaction which is posted
in the journal. The data from the journal is posted in the ledger. The data in the ledger is used to create
the financial statements



What is equity? - Answer-Represents an owner's investment in the company consisting of contributed
capital and retained earnings.



What is the chart of accounts? - Answer-List of accounts by name and/or identification (account)
number



Double-entry accounting is: - Answer-The process in a journal entry that records equal debits and
credits for every financial transaction

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