Bookkeeping Certification Course
Final Exam Questions and Actual
Answers 2025-2026 Updated.
A schedule that contains all accounts needed to prepare financial statements is known as: -
Answer general ledger
Reorganizing all the journal entries and grouping them by account is known as: - Answer
posting to the ledger
Chart of Accounts (COA) - Answer an ordered listing of accounts that a company has identified
and made available for recording transactions
Journal Entry - Answer an accounting method for expressing the effects of a transaction on
accounts in a debits-equal-credits format
General Ledger - Answer A ledger that contains all accounts needed to prepare financial
statements
Financial Statements - Answer Financial reports that summarize the financial condition and
operations of a business
To find the balance of the account types that INCREASE with a DEBIT (asset and expense
account), bookkeeper's will: - Answer Subtract total credits from total debits (Debits-Credits=)
Accounting Cycle Steps - Answer 1. Analyze business transactions
2. Journalize the transactions
3. Post to ledger accounts
4. Prepare a trial balance
5. Journalize and post adjusting entries
6. Prepare an adjusted trial balance
7. Prepare financial statements
8. Journalize and post closing entries
, After analysis, the business transaction is recorded in the journal in what order: - Answer
Chronological
A form or statement that lists the titles and balances of ALL ledger accounts at a given date is
known as a: - Answer trial balance
Sydney is entering a transaction in QuickBooks. What are the two steps of manual accounting
that will happen simultaneously as she does this? - Answer Creating a journal entry and
posting to the ledger
Account numbers beginning with a 1 or a 6 signifies what type of accounts: - Answer Asset and
and operating for example
A trial balance where total debits equal total credits indicates: - Answer - The ledger is in
balance.
To determine a companies financial position was on a certain date, which would be the best
report to look at? - Answer The balance sheet because it reports a company's assets, liabilities,
and equity at a specific point in time. A company can use this to determine the financial position
on the day it needs it
What financial statement reports the sources and uses of cash by a business? - Answer
Statement of cash flow summarizes the amount of cash and cash equivalents entering and
leaving a company
unadjusted trial balance - Answer Lists the general ledger account balances at the end of the
reporting period before any adjusting entries are recorded and posted. It is the starting point at
step 3 used for analyzing account balances and making adjustments
A transaction journal shows a $100 customer payment into QuickBooks. Which account would
show as being debited? - Answer The business bank account would be debited $100 because
it will INCREASE the back account balance by $100
double-entry bookkeeping normally results in which of the following balances in the ledger
accounts? - Answer Debit: assets and expenses/ Credit: Liabilities, Equity, and Revenue
Final Exam Questions and Actual
Answers 2025-2026 Updated.
A schedule that contains all accounts needed to prepare financial statements is known as: -
Answer general ledger
Reorganizing all the journal entries and grouping them by account is known as: - Answer
posting to the ledger
Chart of Accounts (COA) - Answer an ordered listing of accounts that a company has identified
and made available for recording transactions
Journal Entry - Answer an accounting method for expressing the effects of a transaction on
accounts in a debits-equal-credits format
General Ledger - Answer A ledger that contains all accounts needed to prepare financial
statements
Financial Statements - Answer Financial reports that summarize the financial condition and
operations of a business
To find the balance of the account types that INCREASE with a DEBIT (asset and expense
account), bookkeeper's will: - Answer Subtract total credits from total debits (Debits-Credits=)
Accounting Cycle Steps - Answer 1. Analyze business transactions
2. Journalize the transactions
3. Post to ledger accounts
4. Prepare a trial balance
5. Journalize and post adjusting entries
6. Prepare an adjusted trial balance
7. Prepare financial statements
8. Journalize and post closing entries
, After analysis, the business transaction is recorded in the journal in what order: - Answer
Chronological
A form or statement that lists the titles and balances of ALL ledger accounts at a given date is
known as a: - Answer trial balance
Sydney is entering a transaction in QuickBooks. What are the two steps of manual accounting
that will happen simultaneously as she does this? - Answer Creating a journal entry and
posting to the ledger
Account numbers beginning with a 1 or a 6 signifies what type of accounts: - Answer Asset and
and operating for example
A trial balance where total debits equal total credits indicates: - Answer - The ledger is in
balance.
To determine a companies financial position was on a certain date, which would be the best
report to look at? - Answer The balance sheet because it reports a company's assets, liabilities,
and equity at a specific point in time. A company can use this to determine the financial position
on the day it needs it
What financial statement reports the sources and uses of cash by a business? - Answer
Statement of cash flow summarizes the amount of cash and cash equivalents entering and
leaving a company
unadjusted trial balance - Answer Lists the general ledger account balances at the end of the
reporting period before any adjusting entries are recorded and posted. It is the starting point at
step 3 used for analyzing account balances and making adjustments
A transaction journal shows a $100 customer payment into QuickBooks. Which account would
show as being debited? - Answer The business bank account would be debited $100 because
it will INCREASE the back account balance by $100
double-entry bookkeeping normally results in which of the following balances in the ledger
accounts? - Answer Debit: assets and expenses/ Credit: Liabilities, Equity, and Revenue
