Bookkeeping Workbook For Dummies by Lita Epstein

By Lita Epstein

If you're getting ready for the yank Institute Bookkeepers' (AIPB) bookkeeping certification attempt, you would like a simple- to-follow test-preparation advisor that will get you in control fast in the entire bookkeeping fundamentals, from constructing a company's books and recording transactions to handling worker payroll, dealing with executive forms, and shutting out the books. you wish Bookkeeping Workbook For Dummies.
With demonstration difficulties, complementary examples, and multiple-choice questions you'll locate during this easy primer, you'll sharpen your bookkeeping talents for the true international as you elevate your skill to accomplish good on any attempt. bankruptcy quizzes enable fee your growth as you cross, and step by step solutions exhibit you the place you went fallacious (or correct) every one challenge. You'll believe your self assurance —and competence—growing as you learn the way to:* practice a large choice of economic transactions* Use key thoughts and abilities with real-world bookkeeping difficulties* layout a bookkeeping procedure* music daily enterprise operations* continue journals for energetic debts* Use clean operating papers and unfold sheets* deal with money entries and enhance inner controls* Calculate and pay worker withholding taxes* Depreciate resources* turn out out your books at year's finish* organize tax returns as arrange for a brand new year
Complete with best Ten lists for coping with money, tracking debts, and discovering extra important assets, Bookkeeping Workbook For Dummies is the test-prep consultant you want to assist you ace the certification try out and velocity your manner right into a winning and worthwhile occupation.

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If a customer buys your product on store credit, in which account would you record the transaction: a. Accounts Payable b. Accounts Receivable c. Credit account d. Would not record until the customer pays the bill Solve It You receive a bill for a new shipment of products. Where would you record that bill in the accounting system so you can pay it in the future? a. Cost of Goods Sold account b. Credit account c. Accounts Payable d. Expense account Solve It 23 24 Part I: Exploring Bookkeeping Basics Cycling Through the Bookkeeping Process In addition to understanding all the new terminology and types of accounts, as a bookkeeper you’ll also need to understand how the accounting cycle works.

2. In what section of your Chart of Accounts would you list the account called Sales? a. Current Assets b. Long-term Assets c. Current Liabilities d. Equity 1. In what section of the Chart of Accounts would you list the account called Inventory? a. Current Assets b. Long-term Assets c. Cost of Goods Sold a. Current Assets b. Revenue c. Equity d. Long-term Assets d. Expenses Solve It Solve It Chapter 3: Sorting Out Your Business Road Map 3. In what section of the Chart of Accounts would you list the account called Advertising?

The key to double-entry accounting and the balance of the books is this formula: Assets = Liabilities + Equity That’s the formula for the balance sheet, which I’ll talk about in greater detail in Chapter 15 after you learn all the items that are used to make up the balance sheet. Basically what you need to remember is that any time you enter a financial transaction, as least two accounts will be impacted by the transaction. In each entry you must have one debit and one credit. Now, you need to forget everything you ever learned about the meaning of debits and credits.

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