CHAPTER 3 (BOOKKEEPING)

Question 1

That specifies the policies and procedures to be followed in accumulating information within the AIS

Answer 1

Accounting Manual

Question 2

That specifies the policies and procedures to be followed in accumulating information within the AIS

Answer 2

Accounting Manual

Question 3

Person who does the bookkeeping

Answer 3

Bookkeeper

Question 4

Two Basic kinds of bookkeeping

Answer 4

Single-entry bookkeeping and Double-entry bookkeeping

Question 5

Two Basic kinds of bookkeeping

Answer 5

Single-entry bookkeeping and Double-entry bookkeeping

Question 6

One transaction two effect (debit and credit)

Answer 6

Double-entry bookkeeping

Question 7

A book that contains all accounts and their transactions.

Answer 7

General Ledger

Question 8

Transaction are not taken up in the records all the time

Answer 8

Single-entry bookkeeping

Question 9

What is the main focus of Chapter 3 in the study material?

Answer 9

Bookkeeping

Question 10

What are the two types of accounting systems mentioned?

Answer 10

Computerized accounting system and manual accounting system

Question 11

What are the two types of accounting systems mentioned?

Answer 11

Computerized accounting system and manual accounting system

Question 12

Complete sequence of accounting procedures used to keep track of what has happened in the business

Answer 12

Accounting Cycle

Question 13

4 parts of journal entry

Answer 13

Opening Entry, simple entry, compound entry, and peso sign

Question 14

first entry made in the general journal

Answer 14

opening Entry

Question 15

the recording of the Beginning Balance of accounts in the preparation for the next accounting period, the entry involves only two accounts, one is debit and one is credit

Answer 15

Simple Entry

Question 16

involves more them two Accounts in journalizing, the Standard format requires that all the debit Account are listed Before any credit Accounts

Answer 16

compound Entry

Question 17

not used in Journal and ledgers, usually used only in the Trial Balance and financial Statement

Answer 17

peso sign

Question 18

Two Alternative Inventory system in accounting for merchandise Inventory..

Answer 18

Periodic Inventory system and Perpetual Inventory system

Question 19

A way of keeping track of what you have in your store, office, warehouse or factory which provides the Basis for recording the business transactions of a merchandising firm

Answer 19

Inventory System

Question 20

two Alternative Inventory system

Answer 20

periodic Inventory system and Perpetual Inventory System

Question 21

suitable for those business which likely have low-value Stocks purchase in large quantities those selling premium priced low-volumn Products that can be easing monitored on a daily basis such as car dealership

Answer 21

Periodic Inventory System

Question 22

suitable to those businesses selling high-volumn products with multiple sales outlets.

Answer 22

Perpetual Inventory System

Question 23

Acctg. Process is the recognition or non-recognition of business act. As ‘‘accountable” event.

Answer 23

Identifying

Question 24

means the careful and responsible management of something entrusted to one’s care.

Answer 24

Stewardship

Question 25

Process of assigning of peso amount to the accountable economic event and transactions

Answer 25

Measuring

Question 26

Two main assumptions

Answer 26

Monetary unit assumptions and the economic entity assumptions

Question 27

In accounting, the classical notion of Stewardship applies to the

Answer 27

valuation and the Stewardship role.

Question 28

is that everything we own belongs to god ail we ought to use it for the glory of god.

Answer 28

classical notion

Question 29

four (4) Phases of Accounting

Answer 29

Recording, classifying, summarizing and interpreting