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Bookkeeping Basics Questions With Solutions 100% Correct
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Bookkeeping Basics Questions With Solutions 100% Correct What is the difference between accounting and bookkeeping? A bookkeeper's job is to record transactions in the books of an entity. An accountant's job is to use the information given by bookkeepers to prepare financial statements. Wha...

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  • September 15, 2024
  • 2
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • bookkeeping basics questions
  • with solutions 100 correct

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  • ASB BOOKKEEPING
  • ASB BOOKKEEPING

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Bookkeeping Basics Questions With Solutions
100% Correct

What is the difference between accounting and bookkeeping? A bookkeeper's job is to

record transactions in the books of an entity. An accountant's job is to use the information given

by bookkeepers to prepare financial statements.




What is double-entry bookkeeping? and why is it used? Double-entry bookkeeping is a

bookkeeping system that records each transaction twice. This is by displaying a positive and

negative financial effect. This means that positives should equal negatives in the end making it

far easier to identify any errors.




What is a ledger? A ledger (usually referred to as the general or nominal ledger) is a book

or computer system that contains a number of accounts, each having a 'debit' and a 'credit' side,

which are used to record each transaction.




Why is it important for an accountant to understand bookkeeping? The accounts in the

ledger are used to create the financial statements. The bookkeeping system gives a more detailed

overview of how the figures on the financial statements are made. The accountant will need to

look at and understand the books in order to check for and most likely make adjustments.

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