Bookkeeper: Sample Certification

Which of the following is true? The accounting equation states that:

• Revenue - Expenses = Profit
• Assets - Liabilities = Owner's Equity
• All of the above
• Assets + Liabilities = Equity

What document summarizes all business transactions for a specific period?

• Balance Sheet
• Trial Balance
• Income Statement
• General Ledger

What is the purpose of depreciation?

• To track customer payments
• To track the cost of inventory sold
• To allocate the cost of long-term assets over their useful life
• To record employee salaries and wages

What internal control procedure helps prevent unauthorized payments?

• Regular bank reconciliations
• Segregation of duties
• Frequent backups of financial data
• Strong passwords for all accounts

How would you handle a discrepancy between bank statements and your accounting records?

• Investigate the discrepancy systematically
• Ignore it if the amount is small
• Ask a colleague for help without further analysis
• Report it to management immediately without investigation

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