3. Introduction to Bookkeeping

Question 1

is the recording of financial transactions and is part of the process of accounting in business

Answer 1

Bookkeeping

Question 2

It is largely concerned with the implementation of the accounting procedures manual and maintenance of the accounting records.

Answer 2

Bookkeeping

Question 3

is the procedural implementation of Accounting.

Answer 3

Bookkeeping

Question 4

is the person who keeps and maintains the books of accounts of the business organization.

Answer 4

bookkeeper

Question 5

o Verify deposit of cash collections
o Verify petty cash disbursements
o Prepare bank reconciliation
o Post to the subsidiary and general ledgers
o Reconcile general and subsidiary ledgers
o Prepare a draft of the Trial Balance
o Assist the Accountant in the closing of the accounts and finalization of the financial statements.
o Maintain proper filing and retrieval of accounting records

Answer 5

General Accounting

Question 6

oRecord sales invoices
oRecord cash receipts from customers
o Record sales returns, account adjustments and credit memos from suppliers
o Issue Statement of Accounts to customers
o Reconcile accounts receivable ledger balance with unpaid customer invoices.
o Maintain Accounts Receivable Subsidiary Ledger
o Prepare Accounts Receivable reports

Answer 6

Accounts Receivable

Question 7

o Record purchase invoices
o Record payments to suppliers
o Record purchase returns, account adjustments and debit memos from suppliers
o Receive Statement of Accounts from suppliers
o Reconcile accounts payable ledger balance with unpaid customer invoices.
o Maintain Accounts Payable Subsidiary Ledger
o Prepare Accounts Payable reports

Answer 7

Accounts Payable

Question 8

o Record receipts of inventory from suppliers.
o Record release of inventory to customers
o Record inventory returns and adjustments
o Prepare purchase requests and Inventory issuance slips
o Reconcile physical count of inventory to ledger balances
o Maintain inventory subsidiary ledgers
o Prepare Inventory reports

Answer 8

Inventory Accounting