Free CFE - Law Exam Braindumps (page: 21)

Page 20 of 41

The heart of book keeping system is the ________________.

  1. Asset
  2. Liability
  3. Checkbook
  4. Journal

Answer(s): C



________________is a summary of the account balances carried in a ledger.

  1. Balance sheet
  2. Income statement
  3. Financial statement
  4. General journal

Answer(s): C



________________is a process by which a bookkeeper records all transactions and can adjust the books.

  1. Journal Entries
  2. Accounting Cycle
  3. Financial statement
  4. None of all

Answer(s): A



________________increase assets and expenses and/or decrease liabilities and/or equity

  1. Journal Entries
  2. Debit
  3. Credit
  4. None of all

Answer(s): B






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