BOOKEEPING

Question 1

REFERS TO THE RECORDING OF BUSINESS
TRANSACTIONS IN THE BOOKS OF THE
BUSINESS.

Answer 1

BOOKKEEPING

Question 2

REFERS TO EVENTS WHERE ARE EXCHANGES OF
VALUES THAT ARE MEASURABLE IN ONE
COMMON DENOMINATOR.

Answer 2

TRANSACTION

Question 3

THE BOOK OF ORIGINAL ENTRY

Answer 3

JOURNAL

Question 4

THE BOOK OF FINAL ENTRY

Answer 4

LEDGER

Question 5

PROVIDES THE DESCRIPTION OF THE TYPE AND
NATURE OF THE BUSINESS TRANSACTION.

Answer 5

ACCOUNT TITLES

Question 6

5 CATEGORIES OF ACCOUNTS OR ELEMENTS OF
ACCOUNTING ARE AS FOLLOWS:ACCOUNTING

Answer 6

1. ASSETS
2. LIABILITIES
3. CAPITAL
4. INCOME
5. EXPENSE

Question 7

ASSET ACCOUNT TITLES

Answer 7

1. CASH
2. ACCOUNTS RECEIVABLES
3. NOTES RECEIVABLES
4. SUPPLIES ON HAND
5. UNUSED FACTORY SUPPLIES
6. INVENTORY
7. RAW MATERIALS INVENTORY
8. WORK-IN-PROCESS INVENTORY
9. FINISHED GOODS LESSON 1
10. EQUIPMENT
11. FURNITURE AND FIXTURES

Question 8

LIABILITY ACCOUNT TITLES

Answer 8

1. ACCOUNTS PAYABLE
2. NOTES PAYABLE
3. UTILITIES PAYABLE
4. SALARIES PAYABLE

Question 8

CAPITAL ACCOUNT TITLES

Answer 8

1. CAPITAL
2. DRAWING

Question 9

INCOME ACCOUNT TITLES

Answer 9

1. SERVICE INCOME
2. RENTAL INCOME
3. SALES

Question 10

EXPENSE ACCOUNT TITLES

Answer 10

1. SALARIES AND WAGES
2. STORE SUPPLIES EXPENSE
3. TAXES AND LICENSES
4. UTILIES EXPENSE
5. TRAVELLING EXPENSE

Question 11

IT IS A SUPPORTING DOCUMENTS OF THE
EXISTENCE OF TRANSACTIONS.

Answer 11

BUSINESS DOCUMENTS

Question 12

BUSINESS DOCUMENTS

Answer 12

1. PURCHASE ORDER
2. INVOICE
3. OFFICIAL RECEIPT
4. DELIVERY RECEIPT
5. RECEIVING REPORT
6. CHECK
7. VOUCHER

Question 13

CONCEPTS IN
BOOKKEEPING

Answer 13

1. SUPPORT ALL TRANSACTIONS WITH BUSINESS
   DOCUMENTS.
2. RECORD THE TRANSACTIONS USING THE TWO-
   COLUMN JOURNAL.
3. USE PROPER ACCOUNT TITLE.
4. OBSERVE THE GUIDELINES WHEN USING THE TWO-
   COLUMN JOURNAL.

Question 14

ASSET=

Answer 14

liability+ Capital

Question 15

LIABILTY=

Answer 15

Asset- Capital

Question 16

Capital=

Answer 16

Asset- Liability

Question 17

Accounting Equation:(INCOME STATEMENT)

Answer 17

Net Income= Revenue- Expenses

Question 18

When to Debit:

Answer 18

Increase in asset
Increase in
expense
Decrease in
liability
Decrease in
Equity Account

Question 19

When to Credit:

Answer 19

Decrease in Asset
Decrease in
expense
Increase in
liability
Increase in Equity
Account

Question 20

IT REFERS TO THE GROUPING OF SIMILAR
BUSINESS TRANSACTIONS AND EVENTS.
IT IS THE SECOND MECHANICAL PHASE OF THE
WHOLE ACCOUNTING PROCESS.

Answer 20

CLASSIFYING

Question 21

THE PROCESS OF TRANSFERRING THE SAME
INFORMATION FROM THE JOURNAL TO THE
LEDGER.

Answer 21

POSTING

Question 22

IT IS BASICALLY ACTS AS AN ACCOUNTING TOOL
THAT ACCUMULATES ALL NECESSARY
INFORMATION PRIOR TO THE PREPARATION OF
THE FINANCIAL STATEMENTS.

Answer 22

LEDGER

Question 23

IS THE PROCESS OF ADDING THE DEBIT
AND THE CREDIT MONEY COLUMNS OF THE LEDGER
AND FINDING THEIR BALANCES.

Answer 23

FOOTING

Question 24

IT IS THE LISTING OF DEBIT AND
CREDIT BALANCES OF ACCOUNTS FROM
THE GENERAL LEDGER WITH THE FF.
PURPOSES.

Answer 24

TRIAL BALANCE

Question 25

TWO MAJOR PART OF TRIAL BALANCE

Answer 25

HEADING AND BODY

Question 26

TWO KINDS OF TRIAL BALANCE

Answer 26

1. TRIAL BALANCE OF TOTALS
2. TRIAL BALANCE OF BALANCE