fabm chapter 7

Question 1

book of original entries

Answer 1

journal

Question 2

where business transaction are first recorded

Answer 2

journal

Question 3

the way u record the transaction in journal

Answer 3

chronological way

Question 4

business transaction are recorded in the journal

Answer 4

journal entries

Question 5

recording process of journal

Answer 5

journalizing

Question 6

type of journal

Answer 6

special
general

Question 7

types common examples of special journal

Answer 7

sales journal
purchases journal
cash receipts journal
cash disbursement journal

Question 8

to record sales on account

Answer 8

sales journal

Question 9

what is debit and credit of SALES JOURNAL

Answer 9

debit: account receivable
credit: sales

Question 10

record purchases of inventory on account

Answer 10

purchases journal

Question 11

what is debit and credit of PURCHASES JOURNAL

Answer 11

debit: purchase
credit: account payable

Question 12

inflow of cash

Answer 12

cash receipts journal

Question 13

record all transaction involving receipts of cash

Answer 13

cash receipts journal

Question 14

what is debit and credit of CASH RECEIPTS JOURNAL

Answer 14

dr: cash
cr: kung ano yung transaction na tinutukoy

Question 15

outflow of cash

Answer 15

cash disbursement journal

Question 16

record all transaction involving payments of cash

Answer 16

cash disbursement journal

Question 17

debit and credit of CASH DISBURSEMENT JOURNAL

Answer 17

dr:
cr: cash

Question 18

pag Hindi nag uutilize ang special journal

Answer 18

general journal

Question 19

systematic compilation of a group account

Answer 19

ledger

Question 20

book of final entries

Answer 20

ledger

Question 21

book of secondary entries

Answer 21

ledger

Question 22

process of recording in the ledger is called

Answer 22

posting

Question 23

kinds of ledger

Answer 23

general ledger
subsidiary ledger

Question 24

contain all the amount appearing in the trial balance

Answer 24

general ledger

Question 25

provides breakdown of the balance

Answer 25

subsidiary ledger

Question 26

format of the book of accounts

Answer 26

date column account title column account numbers column debit and credit column

Question 27

recording dates of transaction

Answer 27

date column

Question 28

affected by a business transaction

Answer 28

account title column

Question 29

corresponding numbers of the account

Answer 29

account numbers column

Question 30

monetary affect the transaction

Answer 30

debit and credit column

Question 31

cross reference journal entries

Answer 31

posting reference

Question 32

normally credited when cash collected

Answer 32

separately indicated

Question 33

all transaction are recorded in the accounting. Accounting Equation should be balance of all times

Answer 33

double entry system

Question 34

concepts of duality and equilibrium

Answer 34

the concept of duality the concept of equilibrium

Question 35

having two fold effect

Answer 35

the concept of duality

Question 36

recorded in terms of equal debit and credit

Answer 36

the concept of equilibrium