BOOKKEEPING CERTIFICATION REVIEW
SCRIPT 2026 ACCURATE Q&A
COLLECTION
◉What is the chart of accounts?. Answer: The chart of accounts lists
all accounts and sub-accounts used to categorize transactions,
organizing a business's financial information.
◉Can the chart of accounts be customized?. Answer: Yes, account
types and account numbers can be customized by the bookkeeper,
client, or accountant.
◉What do account numbers on chart of accounts represent?.
Answer: The first digit of an account number indicates the type of
account.
Here are some examples:
Account numbers starting with 101 or 110 represent assets.
Account numbers starting with 201 or 221 represent liabilities.
Account numbers starting with 301 represent owner's equity.
Account numbers starting with 401 represent revenue.
Account numbers starting with 620 or 630 represent expenses.
,◉What is the general ledger?. Answer: The general ledger is a record
of all financial transactions in a business, organized by account type.
◉How does the general ledger differ from the transaction journal?.
Answer: The transaction journal lists transactions in chronological
order, while the general ledger groups transactions by account type
and shows balances for each account.
◉What is the purpose of the general ledger?. Answer: The general
ledger is used to prepare financial statements and other financial
reports.
◉What does an account in the general ledger include?. Answer: It
includes detailed records of transactions for that account and the
total balance at the bottom.
◉T/F
The "split" column in a general ledger shows the other accounts
impacted by the transaction.. Answer: True
◉Which of the following applies to general ledger and chart of
accounts but not to a transaction journal?
, + They show account names
+ They show account balances
+ Every transaction is listed chronologically, no matter which
account it came from.. Answer: The transaction journal lists
transactions in chronological order and does not separate them by
account. As a result, balances are not included in the transaction
journal. However, the general ledger and chart of accounts display
balances for each account
◉Account Records Step 1: Transaction journal. Answer: The first
step involves recording individual financial events, like expenses or
revenue, in chronological order in the transaction journal.
◉Account Records Step 2: General ledger. Answer: The second step
transfers journal entries to the general ledger, where they are
organized by account type and show balances.
◉Account Records Step 3: Chart of accounts. Answer: The third step
involves categorizing and organizing financial information into the
chart of accounts, listing all accounts and sub-accounts used in
transactions
SCRIPT 2026 ACCURATE Q&A
COLLECTION
◉What is the chart of accounts?. Answer: The chart of accounts lists
all accounts and sub-accounts used to categorize transactions,
organizing a business's financial information.
◉Can the chart of accounts be customized?. Answer: Yes, account
types and account numbers can be customized by the bookkeeper,
client, or accountant.
◉What do account numbers on chart of accounts represent?.
Answer: The first digit of an account number indicates the type of
account.
Here are some examples:
Account numbers starting with 101 or 110 represent assets.
Account numbers starting with 201 or 221 represent liabilities.
Account numbers starting with 301 represent owner's equity.
Account numbers starting with 401 represent revenue.
Account numbers starting with 620 or 630 represent expenses.
,◉What is the general ledger?. Answer: The general ledger is a record
of all financial transactions in a business, organized by account type.
◉How does the general ledger differ from the transaction journal?.
Answer: The transaction journal lists transactions in chronological
order, while the general ledger groups transactions by account type
and shows balances for each account.
◉What is the purpose of the general ledger?. Answer: The general
ledger is used to prepare financial statements and other financial
reports.
◉What does an account in the general ledger include?. Answer: It
includes detailed records of transactions for that account and the
total balance at the bottom.
◉T/F
The "split" column in a general ledger shows the other accounts
impacted by the transaction.. Answer: True
◉Which of the following applies to general ledger and chart of
accounts but not to a transaction journal?
, + They show account names
+ They show account balances
+ Every transaction is listed chronologically, no matter which
account it came from.. Answer: The transaction journal lists
transactions in chronological order and does not separate them by
account. As a result, balances are not included in the transaction
journal. However, the general ledger and chart of accounts display
balances for each account
◉Account Records Step 1: Transaction journal. Answer: The first
step involves recording individual financial events, like expenses or
revenue, in chronological order in the transaction journal.
◉Account Records Step 2: General ledger. Answer: The second step
transfers journal entries to the general ledger, where they are
organized by account type and show balances.
◉Account Records Step 3: Chart of accounts. Answer: The third step
involves categorizing and organizing financial information into the
chart of accounts, listing all accounts and sub-accounts used in
transactions
