Bookkeeping 101

What is the most commonly used bookkeeping software both online and desktop?

Excel

Xero

Quickbooks

ADP

What are some benefits to outsourcing your bookkeeping?

Save money and time

I HAVE NO CLUE!

Expert and quality assurance

Getting back to focus on your business vs. the paperwork!

What is the normal balance for an expense account?

Credit

A WHAT?!

Debit

None of these

Which of these accounts does NOT show on an income statement?

Expenses

Revenue

Cash

All the above

What does a balance sheet report?

reports revenues and expenses and calculates net income/net loss.

shows how capital has changed during the set period.

reports assets, liabilities, and owner's equity as of the last day of the period.

All of the above

Which is NOT a step in the accounting cycle?

Journalize and post closing entries

Adjusting entries

Analyze and Journalize transactions as they occur

Jump ship, I have no clue what I am doing!

What is considered a "long-term liability"?

Cash

Accounts Receivable

Revenue

Notes payable (such as a loan)

What is Accrual Basis Accounting?

Accrual basis accounting records the effect of each transaction as it occurs—that is, revenues are recorded when earned and expenses are recorded when incurred

Accrual basis only records transactions with cash: cash receipts and cash payments. When cash is received, revenue is recorded

This is a fancy word for Trail balance

Wait, I'm confused.....

What does my friendly, neighborhood spi... I mean... local bookkeeper named Camilla do?

Climbs walls and fights crime in NYC

Works directly with you and your business to ensure quality care of your books.

Has got your back 100% and is willing to go above and beyond for her clients

All of the Above

{"name":"Bookkeeping 101", "url":"https://www.quiz-maker.com/QFH268HBI","txt":"What is the most commonly used bookkeeping software both online and desktop?, What are some benefits to outsourcing your bookkeeping?, What is the normal balance for an expense account?","img":"https://www.quiz-maker.com/3012/images/ogquiz.png"}

Quiz Maker