Font size
WorksheetsRecord Keeping
Total questions: 15
Worksheet time: 19mins
State three purpose of record keeping
Which of the following are the advantages of using hand system of accounting?
Easy to use
Accurate
Fast
Cheap
State two importance of record keeping
Accurate financial and production records will help farmers (a) of farm operation and make necessary adjustment to operate more efficiently thus increase profitability.
The activity involve with obtaining capital from owner or other financial institutions/financial provider is called
Operating activity
Investing activity
Financing activity
The activity related to production of crops or revenue from the sales is called
The business' obligation that incurred during business operation is also called as (a)
The followings are examples of non-current assets except
Cash
Buildings
Account receivable
Machinery
Account payable will (a) a company's cash
Choose the correct statements about credit
Left-hand side of a double-entry ledger
Record all of the money flowing into the account
Decrease asset, increase liability
Right-hand side of a double-entry ledger
(a) is an expense that accumulates daily but which has not yet been paid
Insurance is a type of (a)
All of the followings are correct regarding revenue EXCEPT
Cash or noncash
Income earned through the provision of a business' primary goods or services
Cash: Rent
Noncash: Depreciation
.
Cash: Sales
Noncash: Accrued revenues
Revenue - expense = (a)
Which of the following is not involve in record keeping?
Keeping farm financial and production information.
Choosing farm financial and production information.
Filling farm financial and production information.
Maintaining farm financial and production information.
