Bookkeeping 101
Master Your Bookkeeping Skills
Welcome to Bookkeeping 101! This engaging quiz is designed for anyone looking to enhance their bookkeeping knowledge and skills. Whether you are a business owner, aspiring accountant, or just curious about the financial world, this quiz has something for you!
- Test your knowledge on bookkeeping fundamentals.
- Learn important concepts that every business should understand.
- Explore the benefits of effective bookkeeping practices.
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 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.....
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