FINANCES AND RECORDS MIDTERM EXAM

1. Daily events and activities are so

numerous for the human mind to retain.

Where the significant events and activities

are needed to be compiled for future recall,

they must be​ ___?

What principle of record keeping that makes someone responsible for the records, delegate authority, and responsibility for the records?

WHAT PRINCIPLE OF RECORD KEEPING, IS ALL ABOUT MAINTAINING THE AUTHENTICITY AND RELIABILITY OF THE RECORDS IN QUESTION?

BOOK USED TO RECORD ALL TRANSACTIONS INVOLVING CASH?

BOOK USED TO RECORD CORRECTIONS OF ERRORS, ADJUSTING ENTRIES IN THE CASHBOOK AND CLOSING ENTRIES EVERY END OF ACCOUNTING PERIOD.

THE FORM OF RECORD USED FOR EACH INDIVIDUAL ITEM IS CALLED AN ACCOUNT, AND A GROUP OF RELATED ACCOUNTS IS CALLED WHAT? IT IS THE BOOK OF FINAL ENTRY.

A RECORD BOOK USED FOR RECORDING OF NEWLY BAPTIZED OR PERSONS WHO WISH TO TRANSFER MEMBERSHIP. IT IS ARRANGED ALPHABETICALLY.

THE SYSTEM OR STUDY OF CREATING, CIRCULATING, AND MANAGING MONEY.

IT IS A LEGAL ENTITY ORGANIZED AND OPERATED FOR A COLLECTIVE, PUBLIC, OR SOCIAL BENEFIT, IN CONTRARY TO AN ENTITY THAT OPERATES AS A BUSINESS AIMING TO GENERATE A PROFIT FOR ITS OWNERS. ALSO KNOWN AS A NON-BUSINESS ENTITY.

THESE ARE GENERALLY AN IMPORTANT PART OF THE FINANCING PROGRAM, BUT THE NATURE OF THESE AND THE USE OF SUCH RESOURCES ALSO DIFFER.