AND 100% CORRECT WELL DETAILED
ANSWERS|LATEST
UPDATE!!!!2025/2026|GUARANTEED PASS|GRADED
Four Key Elements of Bookkeeping Ethics - ANSWER Honesty, Objectivity,
Confidentiality and Professionalism
What is DEALER - ANSWER Dividends + Expenses + Assets = Liabilities + Owner's
Equity (beginning) + Revenue
What's is the accounting Equation? - ANSWER Assets = Liabilities + Equity
Profit and Loss statement. Shows the company's revenues and expenses during a particular
period - ANSWER The Income Statement
A financial statement that reports a company's assets, liabilities, and equity at a specific
point in time - ANSWER The Balance Sheet
Reports the changes in company equity, from the opening balance to the end of the period
balance. - ANSWER The Statement of Equity
Reports the sources and uses of cash by a business - ANSWER The Statement of Cash
Flow
Accounting Cycle - ANSWER 1. Analyze and record transactions
2. Post transactions to ledger
1
, 3. Prepare an unadjusted trial balance
4. Prepare adjusted entries at the end of the period
5. Prepare adjusted trial balance
6. Prepare financial statements
If customers pays at the time of sale you must enter it as a - ANSWER Sales Receipt
If customers does not pay at the time of sale you must enter it as a - ANSWER Invoice
Once and customer has paid an invoice it goes to - ANSWER Receive payment
Receive payment and sales receipt are followed by - ANSWER Bank deposit
Step 4 of The Accounting Cycle: Preparing adjusted entries includes -
ANSWER Deferrals, Accruals, Missing Transactions, and Tax Adjustments
An entry to record a current payment or expense at a
later period when the money has actually been earned or
incurred. Deferral entries remove transactions that belong to a different time period. -
ANSWER Deferral
An entry to record a future revenue or expense in the
current period, even if money hasn't been paid or
received yet. - ANSWER Accrual
The Business is a separate entity, so the activities of a business must be kept separate from
any other financial activities of its business owners - ANSWER Economic Entity
Assumption
2
ANSWERS|LATEST
UPDATE!!!!2025/2026|GUARANTEED PASS|GRADED
Four Key Elements of Bookkeeping Ethics - ANSWER Honesty, Objectivity,
Confidentiality and Professionalism
What is DEALER - ANSWER Dividends + Expenses + Assets = Liabilities + Owner's
Equity (beginning) + Revenue
What's is the accounting Equation? - ANSWER Assets = Liabilities + Equity
Profit and Loss statement. Shows the company's revenues and expenses during a particular
period - ANSWER The Income Statement
A financial statement that reports a company's assets, liabilities, and equity at a specific
point in time - ANSWER The Balance Sheet
Reports the changes in company equity, from the opening balance to the end of the period
balance. - ANSWER The Statement of Equity
Reports the sources and uses of cash by a business - ANSWER The Statement of Cash
Flow
Accounting Cycle - ANSWER 1. Analyze and record transactions
2. Post transactions to ledger
1
, 3. Prepare an unadjusted trial balance
4. Prepare adjusted entries at the end of the period
5. Prepare adjusted trial balance
6. Prepare financial statements
If customers pays at the time of sale you must enter it as a - ANSWER Sales Receipt
If customers does not pay at the time of sale you must enter it as a - ANSWER Invoice
Once and customer has paid an invoice it goes to - ANSWER Receive payment
Receive payment and sales receipt are followed by - ANSWER Bank deposit
Step 4 of The Accounting Cycle: Preparing adjusted entries includes -
ANSWER Deferrals, Accruals, Missing Transactions, and Tax Adjustments
An entry to record a current payment or expense at a
later period when the money has actually been earned or
incurred. Deferral entries remove transactions that belong to a different time period. -
ANSWER Deferral
An entry to record a future revenue or expense in the
current period, even if money hasn't been paid or
received yet. - ANSWER Accrual
The Business is a separate entity, so the activities of a business must be kept separate from
any other financial activities of its business owners - ANSWER Economic Entity
Assumption
2
