BOOKKEEPING MASTER STUDY SHEET 2026
VERIFIED QUESTIONS WITH ANSWERS
◉What is DEALER. Answer: Dividends + Expenses + Assets =
Liabilities + Owner's Equity (beginning) + Revenue
◉What's is the accounting Equation?. Answer: Assets = Liabilities +
Equity
◉Profit and Loss statement. Shows the company's revenues and
expenses during a particular period. Answer: The Income Statement
◉A financial statement that reports a company's assets, liabilities,
and equity at a specific point in time. Answer: The Balance Sheet
◉Reports the changes in company equity, from the opening balance
to the end of the period balance.. Answer: The Statement of Equity
◉Reports the sources and uses of cash by a business. Answer: The
Statement of Cash Flow
◉Accounting Cycle. Answer: 1. Analyze and record transactions
,2. Post transactions to ledger
3. Prepare an unadjusted trial balance
4. Prepare adjusted entries at the end of the period
5. Prepare adjusted trial balance
6. Prepare financial statements
◉If customers pays at the time of sale you must enter it as a.
Answer: Sales Receipt
◉If customers does not pay at the time of sale you must enter it as a.
Answer: Invoice
◉Once and customer has paid an invoice it goes to. Answer: Receive
payment
◉Receive payment and sales receipt are followed by. Answer: Bank
deposit
◉Step 4 of The Accounting Cycle: Preparing adjusted entries
includes. Answer: Deferrals, Accruals, Missing Transactions, and Tax
Adjustments
◉Removing transactions that belong to a different period. Answer:
Deferral
, ◉Opposite of deferral. Concern future payments or expenses.
Answer: Accruals
◉The Business is a separate entity, so the activities of a business
must be kept separate from any other financial activities of its
business owners. Answer: Economic Entity Assumption
◉Only transactions that can be proven should be recorded in
accounting practices. And what this means is that businesses must
be able to prove transactions through such things as receipts, billing
statements, invoices, and bank statements.. Answer: Reliability
Assumption
◉All info that is relative to the business and is important to a lender
or investor has to be disclosed in financial statements or in the notes
of the statements. Answer: Full Disclosure Principle
◉When choosing between two solutions, the one that will be least
likely to overstate assets and income should be selected.. Answer:
Conservatism Assumption
◉States that an amount can be ignored if its effect on the financial
statements is small and not misleading. Answer: Materiality
Principle
VERIFIED QUESTIONS WITH ANSWERS
◉What is DEALER. Answer: Dividends + Expenses + Assets =
Liabilities + Owner's Equity (beginning) + Revenue
◉What's is the accounting Equation?. Answer: Assets = Liabilities +
Equity
◉Profit and Loss statement. Shows the company's revenues and
expenses during a particular period. Answer: The Income Statement
◉A financial statement that reports a company's assets, liabilities,
and equity at a specific point in time. Answer: The Balance Sheet
◉Reports the changes in company equity, from the opening balance
to the end of the period balance.. Answer: The Statement of Equity
◉Reports the sources and uses of cash by a business. Answer: The
Statement of Cash Flow
◉Accounting Cycle. Answer: 1. Analyze and record transactions
,2. Post transactions to ledger
3. Prepare an unadjusted trial balance
4. Prepare adjusted entries at the end of the period
5. Prepare adjusted trial balance
6. Prepare financial statements
◉If customers pays at the time of sale you must enter it as a.
Answer: Sales Receipt
◉If customers does not pay at the time of sale you must enter it as a.
Answer: Invoice
◉Once and customer has paid an invoice it goes to. Answer: Receive
payment
◉Receive payment and sales receipt are followed by. Answer: Bank
deposit
◉Step 4 of The Accounting Cycle: Preparing adjusted entries
includes. Answer: Deferrals, Accruals, Missing Transactions, and Tax
Adjustments
◉Removing transactions that belong to a different period. Answer:
Deferral
, ◉Opposite of deferral. Concern future payments or expenses.
Answer: Accruals
◉The Business is a separate entity, so the activities of a business
must be kept separate from any other financial activities of its
business owners. Answer: Economic Entity Assumption
◉Only transactions that can be proven should be recorded in
accounting practices. And what this means is that businesses must
be able to prove transactions through such things as receipts, billing
statements, invoices, and bank statements.. Answer: Reliability
Assumption
◉All info that is relative to the business and is important to a lender
or investor has to be disclosed in financial statements or in the notes
of the statements. Answer: Full Disclosure Principle
◉When choosing between two solutions, the one that will be least
likely to overstate assets and income should be selected.. Answer:
Conservatism Assumption
◉States that an amount can be ignored if its effect on the financial
statements is small and not misleading. Answer: Materiality
Principle
