Bookkeeping

What is the process of recording business transactions in a systematic and chronological manner?

• Accounting

• Bookkeeping

• Creating

• Developing

Answer explanation

It is systematic because it follows procedures and principles. It is chronological because the transactions are recorded in order of the date of occurrence.

What do you call to a person who is in-charge to record, maintain and update business records from all sorts of financial transactions using account title?

• Accountant

• Bookkeeper

• Creator

• Developer

Answer explanation

The average monthly salary for Bookkeeper jobs in the Philippines ranges from ₱33,000 to ₱43,000.

What book is composed of the journal and ledger?

• Book of Accounts

• Computer Books

• Diary

• Epitome

Answer explanation

The bookkeeper uses the Book of Accounts to

record the business transactions.

What is referred to as the book of original entry?

• Diary

• Journal

• Ledger

• Rosary

Answer explanation

General Journal is the most basic journal which provides columns for date, account titles and explanations, folio or references and a separate column for debit and credit entries.

What is referred to as the book of final entry?

• Diary

• Journal

• Ledger

• Rosary

Answer explanation

General Ledger is a group of all accounts that can be found in the chart of accounts. These accounts will be reflected in the trial balance as a summary of all financial activities.

What is a group of accounts directly associated with the general ledger?

• Journal

• Ledger

• Subsidiary Journal

• Subsidiary Ledger

Answer explanation

This record is created to maintain individual accounts for customers and vendors whose cash is not being used as a medium of exchange when purchasing or selling merchandise.

Which records all credit sales made by a business?

• Account Payable Journal

• Account Payable Ledger

• Account Receivable Journal

• Account Receivable Ledger

Answer explanation

It is useful for segregating into one location a record of all amounts invoiced to customers. A typical transaction entered into the accounts receivable ledger which records all account receivables, followed at a later date by a payment transaction from a customer that eliminates the accounts receivable. More importantly, it is a subsidiary ledger which

records a customer’s accounts in the business.

Which contains the detail for all invoices received from suppliers?

• Account Payable Journal

• Account Payable Ledger

• Account Receivable Journal

• Account Receivable Ledger

Answer explanation

This ledger is used as a subsidiary ledger, from which summary-level information is periodically posted to the general ledger. Having a separate accounts payable ledger keeps a large amount of detailed payables transactions from cluttering up the general ledger.

What is the left-hand side entry also known in accounting as value received?

• Credit

• Debit

• Edit

• Fit

Answer explanation

When cash or non-cash items are received, the

said cash or non-cash items must be recorded in the debit column. This means that the debit balance has increased.

What is the right-hand side entry also known in accounting as value parted with?

• Credit

• Debit

• Edit

• Fit

Answer explanation

When cash or non-cash items are given, the said

cash or non-cash items must be recorded in the credit column. This means that the credit balance has increased.