Book Keeping Test Questions with Revised Answers
The use of coding systems in an organization is an is used to ensure that - Answer-the information can be recorded accurately and in a timely manner.
documents can be filed and retrieved efficiently
What are the three types of coding systems -...
Book Keeping Test Questions with
Revised Answers
The use of coding systems in an organization is an is used to ensure that - Answer-the
information can be recorded accurately and in a timely manner.
documents can be filed and retrieved efficiently
What are the three types of coding systems - Answer-numerical.
alphabetical.
alphanumerical
Explain numerical coding systems - Answer-all documents given sequential code
number or document number, with the most recent document being given the document
number that immediately follows the one before
Alphabetical coding system - Answer-documents are filed in alphabetical order example
customer files are filed alphabetically by name
Alphanumerical coding system - Answer-there is an initial run of letters that tells us
something about the items being coded. the alpha run is followed by a sequential
numerical system as well
What are the books of Prime entry often referred to - Answer-Day books
How are credit notes recorded in the Day books - Answer-as a negative entry in the
sales day book or in a separate book of primary known as sales return day book
Why would suppliers be interested in the financial statements of a business - Answer-
they will want to know about the organisation's ability to pay its debts and that the
business is a secure trading
partner
Why would kennels be interested in the financial statement of a business - Answer-they
must ensure that the organisation is able to meet interest payment's, and eventually to
repay loans
Why would tax authorities be interested in the financial statements in the business -
Answer-tax authorities review the financial information in order to assess the tax
payable by the business
what are financial statements based on? - Answer-financial records
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