1
Accounting 1301 Chapter 1 Questions with
Correct Answers | Updated (100% Correct
Answers)
Accounting Answer: is the process by which financial information
about a business is recorded, classified, summarized, interpreted,
and communicated to owners, managers, and other interested
parties.
What is Accounting often called? Answer: "The Language of
Business"
Accounting System Answer: is designed to accumulate data about a
firm's financial affairs,classify the data in a meaningful way, and
summarize it in periodic tables called financial statements.
What are bookkeepers responsible for? Answer: -Recording
business transactions & in larger firms, they may supervise
accounting clerks
- Usually require one to two years of accounting education plus
experience as an accounting clerk
certified bookkeeper (CB) Answer: a designation that assures an
individual possesses the level knowledge and skills required to carry
© 2025 All rights reserved
, 2
out all key accounting functions through adjusted trial balance,
including payroll.
How do you become a cb? Answer: -Pass the national certified
bookkeeper exam, sign a code of ethics, & submit evidence of at
least two years of full time bookkeeping experience or 3,000 hours
of part-time or freelance experience
- CB exam: Consisted of 4 parts
(1) Adjustments and Error Corrections
(2) Payroll and depreciation
(3) Inventory
(4) Internal Control and Fraud Prevention
Accounting Clerk Answer: - responsible for the recordkeeping part
of the accounting system- perhaps payroll, accounts payable, and
accounts receivable
- Usually require one to two accounting courses and little to no
experience
Accountants Answer: -supervise bookkeepers and prepare financial
statements and reports of the business
© 2025 All rights reserved
Accounting 1301 Chapter 1 Questions with
Correct Answers | Updated (100% Correct
Answers)
Accounting Answer: is the process by which financial information
about a business is recorded, classified, summarized, interpreted,
and communicated to owners, managers, and other interested
parties.
What is Accounting often called? Answer: "The Language of
Business"
Accounting System Answer: is designed to accumulate data about a
firm's financial affairs,classify the data in a meaningful way, and
summarize it in periodic tables called financial statements.
What are bookkeepers responsible for? Answer: -Recording
business transactions & in larger firms, they may supervise
accounting clerks
- Usually require one to two years of accounting education plus
experience as an accounting clerk
certified bookkeeper (CB) Answer: a designation that assures an
individual possesses the level knowledge and skills required to carry
© 2025 All rights reserved
, 2
out all key accounting functions through adjusted trial balance,
including payroll.
How do you become a cb? Answer: -Pass the national certified
bookkeeper exam, sign a code of ethics, & submit evidence of at
least two years of full time bookkeeping experience or 3,000 hours
of part-time or freelance experience
- CB exam: Consisted of 4 parts
(1) Adjustments and Error Corrections
(2) Payroll and depreciation
(3) Inventory
(4) Internal Control and Fraud Prevention
Accounting Clerk Answer: - responsible for the recordkeeping part
of the accounting system- perhaps payroll, accounts payable, and
accounts receivable
- Usually require one to two accounting courses and little to no
experience
Accountants Answer: -supervise bookkeepers and prepare financial
statements and reports of the business
© 2025 All rights reserved
