Bookkeeping 01 Flashcards
1
Q
Bookkeeping means keeping records of
A
what is:
- bought
- sold
- owed
- and owned.
And what money:
- comes in
- what goes out
- and what is left.
2
Q
A transaction is
A
Any business dealing that involves money.
3
Q
A transaction may be
A
- a sale
- a purchase
- a loan
- a lease payment
- any activity in which money is shifted from one place (account) to another.
4
Q
Your first responsibility as a bookkeeper is to
A
keep a record of every transaction that occurs in the business
5
Q
The basic tool for recording transactions is
A
THE JOURNAL
6
Q
In the JOURNAL, you enter transactions in what order?
A
chronological order
7
Q
When you enter a transaction in the journal, you are making a
A
JOURNAL ENTRY
8
Q
BK is short for
A
Bookkeeper or Bookkeeping
9
Q
A bk entry is ether a
A
DEBIT or a CREDIT
10
Q
A DEBIT is always entered on what column?
A
ON THE LEFT HAND COLUMN
