AND 100% CORRECT WELL DETAILED
ANSWERS|LATEST
UPDATE!!!!2025/2026|GUARANTEED PASS|GRADED
Bookkeepers typically... - ANSWER Record financial transactions, reconcile bank
accounts, manage accounts receivable, manage accounts payable, work with tax preparers
and assist with tax compliance, and generate financial statements.
As a bookkeeper what would Honesty mean? - ANSWER Reporting financial data
accordingly and timley, owning up to and trying ti fix any mistakes, and being open and
transparent with clients about their business.
As a bookkeeper what would Objectivity mean? - ANSWER Not taking any jobs/ clients
that could pose conflict of interest, not allowing outside parties to influence findings, not
letting personal bias get in the way of your performance.
As a bookkeeper what would Confidentiality mean? - ANSWER Not discussing
business details outside of the job and NEVER using inside information for personal gain.
As a bookkeeper what would Profesionalism mean? - ANSWER Being considerate of
clients needs/ time, avoiding personal/profesional activities that could bring shame to
profession/business, maintaining proper credentials, and keeping skills through continuing
education.
What is the Accounting Equation - ANSWER Assets=Liability+Equity
What are some examples of a Liability? - ANSWER Morgage,(money owed to a lender)
1
, Credit Card(s)- (money borrowed from bank with expectation of paying it back)
Payroll or sales tax owed to a government-(most business will owe one or more types of
taxes to federal, state, or local governments)
What are some examples of an Asset? - ANSWER Accounts Receivable-(money owed
to the business by customers)
Investments in other companies-( potentially sell for cash)
What are some examples of Equity? - ANSWER Money invested into the company by
one or more owners
Double-Entry Accounting - ANSWER A common way to record transactions records
which accounts increase and decrease. Recorded in debit and credit columns. (Totals HAVE
to be balanced)
What side can debits and credits be found on? - ANSWER Debits are on the left
Credits are on the right
How do you know if something is a Debit or a Credit? - ANSWER Ask yourself, What
kind of account are we looking at? and Is the balance increasing or decreasing?
What are the 5 account types? - ANSWER Assets
Liability
Equity
Revenue
Expenses
What is the expanded Accounting Equation? -
ANSWER {Assets=Liabilities+Equity}+[Revenues-Expences]
2
ANSWERS|LATEST
UPDATE!!!!2025/2026|GUARANTEED PASS|GRADED
Bookkeepers typically... - ANSWER Record financial transactions, reconcile bank
accounts, manage accounts receivable, manage accounts payable, work with tax preparers
and assist with tax compliance, and generate financial statements.
As a bookkeeper what would Honesty mean? - ANSWER Reporting financial data
accordingly and timley, owning up to and trying ti fix any mistakes, and being open and
transparent with clients about their business.
As a bookkeeper what would Objectivity mean? - ANSWER Not taking any jobs/ clients
that could pose conflict of interest, not allowing outside parties to influence findings, not
letting personal bias get in the way of your performance.
As a bookkeeper what would Confidentiality mean? - ANSWER Not discussing
business details outside of the job and NEVER using inside information for personal gain.
As a bookkeeper what would Profesionalism mean? - ANSWER Being considerate of
clients needs/ time, avoiding personal/profesional activities that could bring shame to
profession/business, maintaining proper credentials, and keeping skills through continuing
education.
What is the Accounting Equation - ANSWER Assets=Liability+Equity
What are some examples of a Liability? - ANSWER Morgage,(money owed to a lender)
1
, Credit Card(s)- (money borrowed from bank with expectation of paying it back)
Payroll or sales tax owed to a government-(most business will owe one or more types of
taxes to federal, state, or local governments)
What are some examples of an Asset? - ANSWER Accounts Receivable-(money owed
to the business by customers)
Investments in other companies-( potentially sell for cash)
What are some examples of Equity? - ANSWER Money invested into the company by
one or more owners
Double-Entry Accounting - ANSWER A common way to record transactions records
which accounts increase and decrease. Recorded in debit and credit columns. (Totals HAVE
to be balanced)
What side can debits and credits be found on? - ANSWER Debits are on the left
Credits are on the right
How do you know if something is a Debit or a Credit? - ANSWER Ask yourself, What
kind of account are we looking at? and Is the balance increasing or decreasing?
What are the 5 account types? - ANSWER Assets
Liability
Equity
Revenue
Expenses
What is the expanded Accounting Equation? -
ANSWER {Assets=Liabilities+Equity}+[Revenues-Expences]
2
