Book Keeping Exam Questions and Answers 100% Solved | Rated A+
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Course
Book Keeping
Institution
Book Keeping
Book Keeping Exam Questions and
Answers 100% Solved | Rated A+
Account - a record of financial transactions that are similar in terms of
a given frame of reference such as purpose objective or source.
accounting period - a period of time for which financial statements
are prepared
accounts pa...
Account - ✔✔a record of financial transactions that are similar in terms of
a given frame of reference such as purpose objective or source.
accounting period - ✔✔a period of time for which financial statements
are prepared
accounts payable - ✔✔unpaid balances or invoices againt an internal
fund which are owed,
accounts receivable - ✔✔amounts owed to internal funds
account codes - ✔✔Are assigned numbers or codes to the individual
accounts so that every transaction is recorded for ease of reference in an
organization accounting records
accrual basis - ✔✔recording of revenue and expenditures at the time of
revenue us earned or at the time an expenditure results in liability
regardless of when the actual cash receipt or disbursement occurs
assets - ✔✔something of value that is owned by the entity
, assets, current - ✔✔cash and other assets readily converted into cash
such as accounts receivable inventory and some prepaid expenses
Assets fixes - ✔✔land, buildings, machinery, furniture, and other
equipment that the school system intends to hold or continue in use over
long periods pf time. "fixed" denotes probability or intent to continue use of
possession and does not indicate immobility of an asset
a source document - ✔✔describes all the basic facts of the transaction
such as the amount of the transaction to whom the transaction was made.
the purpose of the transaction and the date of transaction.
audit - ✔✔an examination of the records and documents by an auditor
into he process of securing evidence for one or more of the following
purposes. 1. determining the property of completed transaction 2 ascertain
whether all transaction have been recorded. 3. determining whether
transactions are accurately recorded in the accounts and into the
statements withdrawn.
balance - ✔✔the difference between the total debits and the total credits
of an account the total of an account containing only debits or only credits.
bank deposits - ✔✔the total amount of money taken in and recorded on
receipts for a specified time period and deposited intact with a depository
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