Bookkeeping Study guides, Class notes & Summaries

ACCOUNTING-BOOKKEEPING EXAM QUESTIONS AND ANSWERS furniture - ANSWER-expenditures on items needed in a business office such as tables, desks, chairs, and cabinets Types of liabilities - ANSWER-Accounts payable Notes payable Mortgage payable accounts payable - ANSWER-creditor's claim against the business when business purchased goods or service from the creditor notes payable - ANSWER-business' formal written agreement to pay a specific amount over a period of time mortgage pay...

WGU C213 PA & OA Study Guide 2022/2023 Verified Answers. Which of the following is the most correct definition of accounting(answer) A system for providing quantitative information, primarily financial in nature, about economic entities that is intended to be useful in making economic decisions 2. What is NOT typically true of accounting information(answer) The information relates to future time periods. 3. Which is NOT a key component of the definition of accounting(answer) Qualitative ...

Intuit QuickBooks Bookkeeping Latest Update Questions and 100% Verified Correct Answers Guaranteed A+

BOOKKEEPING CERTIFICATION EXAM QUESTIONS WITH COMPLETE ANSWERS Centrum Services purchased $36,000 worth of equipment. The equipment has an estimated useful life of five years and no salvage value. Using the straight-line method, the depreciation for the first month is -ANSWER- $600. On a worksheet, the adjusting entry to account for depreciation of equipment consists of a -ANSWER- debit to Depreciation Expense and a credit to Accumulated Depreciation. The adjusting entry to account for ...

BOMI- Budgeting and Accounting Final Exam 2023 Actual Questions and Answers Solved Correctly Which key components make up the bookkeeping process? (2) recording and classifying transactions is known as bookkeeping. Describe the roles filled by a accountant (3) Accounting is a system of summarizing, interpreting, and communicating financial data. What are the primary functions associated with accounting ? (4) Accounting is the next step in the process. Accounting is the system of summariz...

D196- Principles of Financial and Managerial Accounting Questions and Answers Graded A bookkeeping day to day keeping of transcations steps of decision making identify issue gather information identify alternatives select option that most likely results in desired objective accounting analysis of events record and report financial effects of business activities where does capital come from (3) investors creditors(lenders) business itself (from earnings retained) 2 main types of accounting fi...

BOMI- Budgeting and Accounting Final Exam 2023 Actual Questions and Answers Solved Correctly Which key components make up the bookkeeping process? (2) recording and classifying transactions is known as bookkeeping. Describe the roles filled by a accountant (3) Accounting is a system of summarizing, interpreting, and communicating financial data. What are the primary functions associated with accounting ? (4) Accounting is the next step in the process. Accounting is the system of summariz...

ACCOUNTING COACH BOOKKEEPING EXAM QUESTIONS AND ANSWERS What is the current portion of long-term debt? - ANSWER-Reports the principle portion of a long-term debt that will have to be paid within one year of the date of the balance sheet and will be recorded as current liability. What is Accounts Payable? - ANSWER-Liability account that contains the amounts owed to suppliers for invoices that have been approved and entered for payment or employee wages and benefits earned but not yet record...

BOOKKEEPING CH #1-6 REVIEW EXAM QUESTIONS AND ANSWERS Revenue accounts (P. 93) - ANSWER-First up in the income statement portion of the Chart of Accounts are accounts that track revenue coming into the business. The most common income accounts are: - Sales of Goods or Services - Sales Discounts - Sale returns Other income accounts that may appear include: 1. Other income 2. Interest Income 3. Sale of Fixed Assets Tracking Cost of Sales - ANSWER-Before you can sell a product, you ...

Test Bank for Practice Management for the Dental Team, 7th Edition, Betty Ladley Finkbeiner, Charles Allan Finkbeiner, ISBN: 5368, ISBN: 3387, ISBN: 8506, ISBN: 4315, ISBN: 5344 Table of Contents Part I: Dentistry as a Business The Business of Dentistry Dental Team Management Patient Management Legal and Ethical Issues in the Dental Business Office Technology in the Business Office Office Design and Equipment Placement Part II: Communication Management Working with Dental Office ...