Accounting Procedures
Double entry implies:
Recording entries in the journal
Recording entries in the ledger account
Recording two aspects of every transaction
Recording every transaction in the books
Recording two aspects of every transaction
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What is bookkeeping?A. The process of keeping a basic record of business transactions
B. The process of providing a record of business transactions to management
C. The process of recording data relating to accounting transactions in the accounting books
D. None of the above
Are assets debited or credited when they increase?
A. Debited
B. Credited
C. Both debited and credited
D. Assets are never recorded in the books of accounts
What account is a firm’s payment to a supplier for merchandise inventory recorded in?
A. Sales journal
B. Cash receipts journal
C. Purchases journal
D. Cash disbursement journal
What are the major objectives of bookkeeping?
A. Keeping the basic record of business transactions
B. Providing this record to the business management
C. Both of the above
D. None of the above
The books of original entry are sometimes referred to as:
A. Books of primary entry
B. Books of safe entry
C. Both of the above
D. None of the above
When we talk about accounting, what kind of job do we mean?
A. Bookkeeping and auditing
B. Bookkeeping only
C. Bookkeeping and consulting
D. Bookkeeping, auditing, consulting, and more
The other name for the journal is:
A. Ledger
B. T-account
C. Day book
D. Cash book
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