Bookkeeping

Which financial statement shows whether you have enough money to cover the next pay run? Accounts receivable aging summary Reconciliation report Income statement Cash flow statement Balance sheet

Cash flow statement. The cash flow statement shows all revenue income streams.

Bookkeeping vs. Accounting, what are the crossover tasks?

Monthly reports, Payroll, Tax Prep

What are the two primary transaction types a bookkeeper will deal with daily.

The two primary transaction types a bookkeeper will deal with daily are receipts and disbursements.

Which three of the following tasks are typically performed by a bookkeeper? Business strategy a. Analysis of financial and management reports b. Retrieving of financial transactions c. End-of-year reports d. Recording of financial transactions e. Storing of financial transactions

b. Retrieving of financial transactions d. Recording of financial transactions e. Storing of financial transactions

Accounting refers to

Accounting refers to analyzing, reporting, and summarizing a business's transactions.

What does bookkeeping encompass?

Bookkeeping encompasses recording, storing, and retrieving financial transactions. It centers on the transactional, day-to-day recording and upkeep of a business's financial records.

Bookkeeping vs. Accounting, what is bookkeeping?

Data entry, Bank reconciliation, Invoicing, Paying bills

what is double-entry bookkeeping?

Double-entry bookkeeping is based on a system of balance. This means that the sum of all transactions must equal zero, so every negative value must be paired with a positive value.

Bookkeeping vs. Accounting, what is accounting?

End of year reports, Business strategy, Monthly reports, Payroll, Tax Prep

Which financial statement shows whether you're in the red or in the black? Reconciliation report Balance sheet Accounts receivable aging summary Income statement Cash flow statement

Income statement. The income statement shows whether the business has been profitable for a given period.

Under GAAP, which date is generally considered the date that a transaction occurred and is the correct date for coding? Sale date Invoice date Payment date Purchase date

Invoice date

Which financial statement enables you to determine a company's net worth? Income statement Cash flow statement Accounts receivable aging summary Balance sheet Reconciliation report

The balance sheet shows the value of the business's assets, liabilities, and equity.

Which of the following are bookkeepers likely to be responsible for in their relationships with other professional services providers? a. Cash management b. Confidentiality of information c. Bank deposits d. Payroll tax deposits e. Creation of share purchase agreements

a. Cash management b. Confidentiality of information c. Bank deposits d. Payroll tax deposits

Which of the following options best describe double-entry bookkeeping? Select all that apply. a. Double entry means you add each transaction to the same account twice b. The sum of all transactions must exceed zero c. Double-entry bookkeeping means that there are two sides to every transaction d. The sum of all transactions must always equal zero, so every minus needs to be paired with a plus

c. Double-entry bookkeeping means that there are two sides to every transaction d. The sum of all transactions must always equal zero, so every minus needs to be paired with a plus