Since the entrance barriers are minimal and the remuneration is good, bookkeeping is where most accountants begin their careers. Some individuals use the phrase "bookkeeping" in a way that signifies something else entirely.
Bookkeeping as accounting
Accounting and bookkeeping are often conflated in the minds of the public. In their minds, bookkeeping includes everything from maintaining a company's financial records to drafting its financial statements and tax returns. Accountants, on the other hand, hold a different opinion.
Bookkeeping is just the maintenance of journals & ledger
Others believe that accounting consists solely of entering transactions into ledgers after they have been recorded in diaries or daybooks. After the numbers are posted, an accountant with a college degree takes over the bookkeeping duties. The financial statements and other reports will be prepared by the accountant when he or she completes the adjusting entries.
Bookkeeping in the modern era
Accounting and bookkeeping are no longer different professions because to the widespread usage of computers and accounting software. Simple bookkeeping tasks like entering vendor bills or creating sales invoices may be completed by anybody, regardless of their level of experience, thanks to accounting software, which automatically updates general ledger accounts whenever new data is entered. The program will be able to create financial statements with the press of a button after the format of the financial statements has been determined.
Bookkeeping in the corporate world
Larger organizations may not use the phrase "bookkeeping" at all. Many companies employ accounting clerks to handle tasks including paying bills, collecting money owed, and processing payroll. One or more accountants will supervise the accounting clerks.
Following are some of the multiple choice questions on the Bookkeeping with answers that will help the students in developing their knowledge.
1. An example of asset that can be used in the business for a long period of time. Usually more than a year.
2. The bookkeeping system used up to today is called ____________.
3. Bookkeeping primarily involves all part of the accounting process EXCEPT
4. Which of the following definitions best describes a write-off?
5. Who is a person whose job is to keep records of the financial affairs of a business?
6. It is the obligations of the company, payable in money, goods or services.
7. The most liquid form of asset that can be used anytime to purchase another assets or pay liabilities.
8. Which of the following is a task of the accountant?
9. The accounting equation is defined as
10. Collected cash from the billed customer.Value Received: CashValue Parted: ?
11. Building sold on credit through a promissory note.Value Received: ?Value Parted: Building
12. Who is the Father of Modern Accounting?
13. RM50 cash taken from the cash till and banked is entered
14. What is the recording of the financial transactions of a business in a chronological and systematic manner?
15. Which of the following is a task of the bookkeeper?
16. Are things or properties that the business owns, example includes cash, account receivable and prepaid expenses.
17. A source document which shows that the customer has already made partial payment to the supplier through issuance of-
18. Bookkeeping is a detail-oriented career that requires knowledge and skills to do the job correctly.
19. Which manual bookkeeping system has a built-in way to check for errors?
20. Who is the father of bookkeeping and accounting?
21. Which of the following cannot be entered into Trial Balance?
22. High Net Sales but low Gross Profit, this means_________.
23. Which of the following is not a Non-Current Asset?
24. Repairs of van is a/an_________.
25. ___________ is used in checking on the posting to see if they are correct.
26. Which of the following is an Asset?
27. Enterprise usually pays its short-term debts_______.
28. If the owner himself supplies all the resources for the use of his business, then the accounting equation would be ___________.
29. __________ are shown in Statement of Financial Position.
30. Which of the following is not an Accounting Transaction?
31. A credit balance of RM 400 on the cash columns of the cash book would mean
32. Which of the following should not be called “Sales”?
33. An alternative name for a Sales Journal is
34. Expenses recorded in the Petty Cash Book are posted to ________________.
35. Which of the following is a debit balance?
36. Which of the following balances is to be shown in the Statement of Financial Position as Non- Current liability?
37. Discount Received are
38. A physician might extend a professional courtesy to the medical office assistant.
39. In which of the following ledgers must an OUTSTANDING balance be recorded?
40. Payments received by mail do not have to be posted in the patient ledger.
41. What should be done with the old NSF check after an alternate from of payment has arrived and been fully processed?
42. Which of the following best describes an account payable ledger?
43. If a physician treats a fellow health care worker and does not collect the remaining fee after that worker's insurance contribution is received, this is what kind of adjustment?
44. When stamped on a check what dose NSF stand for?
45. When do day sheets need to be update?
46. A type of business that is engage in buying and selling of food products such as Grocery/convenient stores.
47. A source document evidencing that orders have been placed by the customer waiting to be served by the supplier-
48. The source document evidencing that goods have been delivered by the supplier to the customer-
49. It is the claim of the owner of the business also known as the capital.
50. A type of business that is purely engage in providing all types of service activities such as medical or legal services.
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