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WorksheetsFINANCES AND RECORDS MIDTERM EXAM
Total questions: 20
Worksheet time: 30mins
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 (a) ?
What principle of record keeping that makes someone responsible for the records, delegate authority, and responsibility for the records?
(a)
WHAT PRINCIPLE OF RECORD KEEPING, IS ALL ABOUT MAINTAINING THE AUTHENTICITY AND RELIABILITY OF THE RECORDS IN QUESTION?
(a)
BOOK USED TO RECORD ALL TRANSACTIONS INVOLVING CASH?
(a)
BOOK USED TO RECORD CORRECTIONS OF ERRORS, ADJUSTING ENTRIES IN THE CASHBOOK AND CLOSING ENTRIES EVERY END OF ACCOUNTING PERIOD.
(a)
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)
A RECORD BOOK USED FOR RECORDING OF NEWLY BAPTIZED OR PERSONS WHO WISH TO TRANSFER MEMBERSHIP. IT IS ARRANGED ALPHABETICALLY.
(a)
THE SYSTEM OR STUDY OF CREATING, CIRCULATING, AND MANAGING MONEY.
(a)
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.
(a)
THESE ARE GENERALLY AN IMPORTANT PART OF THE FINANCING PROGRAM, BUT THE NATURE OF THESE AND THE USE OF SUCH RESOURCES ALSO DIFFER.
(a)
IT HAS BEEN CALLED THE "LANGUAGE OF BUSINESS."
(a)
IT IS THE EXCHANGE OF GOODS OR SERVICES FOR A CERTAIN SUM OF MONEY.
IT IS AN EXCHANGE OF MONETARY VALUES.
(a)
IT HAS BEEN DEFINED AS - "AN ART OF RECORDING, CLASSIFYING, SUMMARIZING, IN A SIGNIFICANT MANNER AND IN TERMS OF MONEY, TRANSACTIONS, AND EVENTS WHICH ARE IN PART, AT LEAST, OF A FINANCIAL CHARACTER AND INTERPRETING THE RESULTS THEREOF."
(a)
IT IS ANYTHING SUSCEPTIBLE OF PECUNIARY ESTIMATION.
(a)
IT IS A TERM FOR MATTERS REGARDING THE MANAGEMENT, CREATION, AND STUDY OF MONEY AND INVESTMENTS.
(a)
IT IS A FANCY WORD FOR FINANCIAL MATTERS.
(a)
THIS IS ONE OF THE PRINCIPLES OF RECORD KEEPING. YOUR RECORDS MANAGEMENT SYSTEM SHOULD BE UNDERSTANDABLE AND EFFICIENT TO ALL RELEVANT STAKEHOLDERS, WHETHER THEY BE INTERNAL OR EXTERNAL.
(a)
WHAT IS BIR MEANS?
(a)
IT IS A 12-MONTH PERIOD OF TIME THAT A COMPANY OR GOVERNMENT USES FOR ACCOUNTING PURPOSES TO MEASURE ITS FINANCIAL PERFORMANCE.
(a)
IT IS THE PRACTICE OF TAKING ADVANTAGE OF PRICE DIFFERENCES IN DIFFERENT MARKETS OR ASSETS IN ORDER TO MAKE A PROFIT WITH NO RISK OR LITTLE RISK.
(a)
