Bank It

Woolworths is considered to be a ....... business

• retail

• service

• manufacturing

A retail business manufactures their own products.

• True

• False

Expenditure of the business is recorded in which journal?

• Cash receipts journal

• Cash payments journal

When reading a transaction, you are interpreting this from a ....... point of view.

• client

• business

An informal business always has a set business premises.

• True

• False

An informal business has a trading license.

• False

• True

The second step in the accounting cycle is.....

• transactions

• journals

• source documents

• financial statements

Accounting practices and procedures are standardized making them comparable.

• False

• True