Entrepreneurship Questions with complete solution 2024
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Course
Bookkeeping
Institution
Bookkeeping
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...
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.
, 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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