Bookkeeping and Accounting

Which is the most important feature of Book Keeping?

• Recording Songs

• Finding out the profit

• Recording Transactions

• Summarising the Transactions

Resources owned by a business is called

• Debit

• Loans

• Credit

• Asset

These are Economic resources with the ability or potential to provide future benefits?

• Assets

• Liabilities

• Shareholder's Equity

• Retained Earnings

Accounting equation states that

• Assets equals liabilities plus creditors

• Assets equals capital plus liabilities

• liabilities plus assets equals capital

• capital plus assets equal liabilities

actual cost of an item needs to be stated, not its current value

• creditor

• disclosure principle

• going concern

• cost principle

Profit is?

• (A) Money that is made in a business after all the costs and expenses are paid.

• (B) An amount that has to be paid or given up in order to get something.

• (C) The monetary payment received for goods or services, or from other sources, as rents or investments.

Receipt and payment of money by cheque should be recorded in ................ account

• Cash

• Bank

• Debt

• Double column

After transaction information has been recorded in the journal, it is transferred to the

• trial balance.

• income statement.

• book of original entry.

• ledger.

process of recording daily business transactions; only one part of the accounting process

• bookkeeping

• loss

• accounting

• management accounting

A cash book with columns for dat,particular,folio,cash,and bank on the debit and credit side is

• Single column cash book

• Double column Cash book

• Petty cash book

• Three column cash book