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Book Keeping Exam with All Correct Answers

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Book Keeping Exam with All Correct Answers Student activities - Answer-Direct and personal services for public school students, such as interscholastic athletics, entertainment, publications, clubs, band, or orchestra, that are managed or operated by students under the guidance and direction of a...

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  • September 5, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • Book Keeping
  • Book Keeping

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Book Keeping Exam
with All Correct
Answers
Student activities - Answer-Direct and personal services for public school students, such
as interscholastic athletics, entertainment, publications, clubs, band, or orchestra, that
are managed or operated by students under the guidance and direction of authorized
adults, and are not part of the regular instructional program

Student organization - Answer-Any group of students organized on campus into a single
body for the purpose or pursuing common goals and objectives. This includes the
various types of student clubs and class organizations that, with proper approval by
school authorities, are managed and operated by students under the direction or
supervision of authorized adults.

Subsidiary ledger - Answer-A record of the financial transactions of a given activity
showing the receipts, expenditures, transfers, adjustments, and balances for the
activity's account.

Supply - Answer-An item of expendable nature that is consumed, worn out, or
deteriorated in use; or one that loses its identity through fabrication or incorporation into
a different or more complex unit or substance

Supporting documents - Answer-Evidence attesting to the authenticity, accuracy and
authority of a financial transaction.

Closing the books - Answer-the process of putting the account on the books in order at
the end of the month or a fiscal period so that the trail balance and financial reports may
be prepared

Commemorative item - Answer-personalized articles such as a class jewelry
announcements caps and gowns yearbooks cards and invitation insignia and school
pictures

, Commissions - Answer-a share of sale proceeds from any company or individual given
the school in return fir the sale rental or promotion of any item with in the school

Credit entries - Answer-generally decreases in expense and assets account and
increases in liability and revenue accounts

Debit entries - Answer-generally increase in expense and assets accounts and
decrease in liability and revenue accounts

Deficit - Answer-the excess of the obligations of an account over its resources

Deposit in transit - Answer-a deposit that has been transmitted to the bank and
recorded in the school ledgers but was not reflected on the monthly bank statement
because it was not received before the banks preparatory of bank statement.

surety bond - Answer-A written promise to pay damages or to indemnify against losses
caused by the party or parties named in the document, through nonperformance or
through defalcation. For example, a surety bond may be required of a contractor or an
official handling cash or securities.

trade discount - Answer-An allowance made to individuals engaged in certain
businesses and allowable irrespective of the time when the account is paid. The term
should not be confused with "Cash Discount."

transfer - Answer-Money that is taken from one account and added to another account.
Transfers are not receipts or expenditures.

trust and agency fund - Answer-Funds used to account for money and property held by
a governmental unit in the capacity of trustee, custodian, or agent.

voided check - Answer-A check which has been declared void. A check on which an
error has been made in writing, such as an incorrect amount, signature, or a
discrepancy in the information included. The check is made void by mutilating the
signature space and the check is retained.


Account - Answer-a record of financial transactions that are similar in terms of a given
frame of reference such as purpose objective or source.

accounting period - Answer-a period of time for which financial statements are prepared

accounts payable - Answer-unpaid balances or invoices againt an internal fund which
are owed,

accounts receivable - Answer-amounts owed to internal funds

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