Bookkeeper: Sample Certification

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

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

What document summarizes all business transactions for a specific period?

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

What is the purpose of depreciation?

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

What internal control procedure helps prevent unauthorized payments?

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

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

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

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