Ems

Question 1

General ledger

Answer 1

used to record totals of all accounts from the subsidiary journals

Question 2

Source documents list

Answer 2

EFT
Original Reciept
Deposit Slip
Cash Register Slip

Question 3

Accounting cycle definition

Answer 3

It indicates the route a business transaction follows from the moment the transaction takes place to when all the transactions are recorded to show the financial position of the business

Question 4

Transaction

Answer 4

an action/event between 2 parties where buyers and sellers exchange goods/ services for money

Question 5

capital contribution

Answer 5

money that the owner supplies

Question 6

reciepts

Answer 6

the amount of money that a business receives and deposits in the current bank account

Question 7

Accounting cycle

Answer 7

1. Transaction
2. Source Documents
3. Journal
4. General Ledger
5. Trial Balance
6. Income statement
7. Balance sheet

Question 8

Cash Register Roll

Answer 8

cash sales/services rendered

Question 9

Duplicate sales invoice

Answer 9

cash sales/services rendered when the business do not use a register

Question 10

Duplicate receipts

Answer 10

cash recieved

Question 11

Bank deposit slip

Answer 11

money paid into the bank account

Question 12

EFT

Answer 12

payments made from business bank account

Question 13

Bank statement

Answer 13

cash deposited directly into the bank account

Question 14

what is a source document

Answer 14

a document that shows proof that a transaction took place