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Entrepreneurship Questions with complete solution 2024

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Entrepreneurship Questions with complete solution 2024 Entrepreneurship: Bookkeeping, Unit 3: Bookkeeping, Bookkeeping Basics Part 10, Bookkeeping, Bookkeeping - correct answer It refers to the recording of business transactions in the books of business. Transaction - correct answer It r...

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  • August 30, 2024
  • 18
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • Bookkeeping
  • Bookkeeping

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Entrepreneurship: Bookkeeping, Unit 3:
Bookkeeping, Bookkeeping Basics Part
10, Bookkeeping,
Bookkeeping - correct answer ✔It refers to the recording of business
transactions in the books of business.


Transaction - correct answer ✔It refers to events where there are exchanges
of values that are measurable in one common denominator.


Journal - correct answer ✔It is the book of original entry.


Ledger - correct answer ✔It is the book of final entry.


Date column - correct answer ✔It shows the date of the occurrence of the
transaction.


Particulars - correct answer ✔It shows the account debited and credited as
well as a brief explanation of the transaction.


Posting reference - correct answer ✔It is used when the entries are posted
until the amounts are transferred into the related ledger accounts.


Debit column - correct answer ✔It is the first money column where the
amount of the debit account is entered.


Credit column - correct answer ✔It is the second money column where the
amount of the credit account is entered.

,Accounting elements - correct answer ✔They are accounts grouped into five
categories.


Cash - correct answer ✔It described money, either in paper or in coins.


Accounts receivable - correct answer ✔It describes collectibles from
customers who made sales transactions on credit.


Notes receivable - correct answer ✔It describes collectives that are
supported with promissory notes.


Supplies on hand - correct answer ✔It describes unused office or store
supplies.


Unused factory supplies - correct answer ✔It describes unutilized
manufacturing supplies.


Inventory - correct answer ✔It describes unsold goods that are intended for
sale.


Raw materials inventory - correct answer ✔It refers to unutilized materials in
the production of goods.


Work in process inventory - correct answer ✔It refers to unfinished goods at
the end of the period.


Finished goods - correct answer ✔It refers to unsold finished goods.

, Equipment - correct answer ✔It describes tools and equipment like
calculators, computers, or other equipment directly related to the production of
goods.


Furniture and fixtures - correct answer ✔It describes assets like chairs,
tables and display cases.


Accounts payable - correct answer ✔It describes the financial obligations
arising from goods purchased or services received.


Notes payable - correct answer ✔It describes the financial obligations
supported with notes.


Utilizes payable - correct answer ✔It describes the unpaid obligations on
light and water consumption.


Salaries payable - correct answer ✔It describes the unpaid salaries of the
workers.


Capital - correct answer ✔It describes the original and additional investment
of the owner.


Drawing - correct answer ✔It describes the temporary withdrawal of capital
by the owner.


Service income - correct answer ✔It describes general services rendered.


Rental income - correct answer ✔It describes the income arising from lease
or rent of property.

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