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Bookkeeping Basics Questions and Answers Rated A+
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Bookkeeping Basics Questions and Answers Rated A+ What is the role of a bookkeeper in a business? A bookkeeper maintains accurate financial records, processes transactions, and ensures that the company's accounts are up to date. What is a source document in bookkeeping? A source docum...

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  • September 15, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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Bookkeeping Basics Questions and
Answers Rated A+

What is the role of a bookkeeper in a business?


✔✔ A bookkeeper maintains accurate financial records, processes transactions, and ensures that

the company's accounts are up to date.




What is a source document in bookkeeping?


✔✔ A source document is a physical or electronic record that provides evidence of a financial

transaction, such as invoices, receipts, or bank statements.




How does a trial balance help in bookkeeping?


✔✔ A trial balance helps in bookkeeping by providing a preliminary check to ensure that the

total debits equal total credits, which helps identify errors in the accounting records.




What is the difference between a cash basis and an accrual basis of accounting?


✔✔ The cash basis of accounting recognizes transactions only when cash changes hands, while

the accrual basis recognizes transactions when they occur, regardless of cash flow.




1

, What is a ledger account?


✔✔ A ledger account is a detailed record of all transactions related to a specific account, such as

cash or accounts payable.




What is meant by "closing the books"?


✔✔ Closing the books refers to the process of finalizing all financial records for an accounting

period, including making adjusting entries and preparing financial statements.




What is a balance sheet's purpose?


✔✔ A balance sheet provides a snapshot of a company’s financial position at a specific date,

listing its assets, liabilities, and equity to show financial stability.




What is the purpose of maintaining accurate financial records?


✔✔ Maintaining accurate financial records ensures reliable financial reporting, compliance with

regulations, and effective management of business resources.




What is the role of accounts receivable?


✔✔ Accounts receivable represents money that customers owe to the business for goods or

services provided on credit.

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