Revision Bitesize Double Entry Bookkeeping
QuestionsWhat is the definition of the following terms:1) Double Entry Bookkeeping
Answer 2) Closing Off The Account
Answer 3) Debit
Answer 4) Credit
Answer 5) Purchases
Answer 6) Sales
Answer 7) Stock
Answer 8) Debtor
Answer 9) Liabilities
Answer 10) Loss
Answer 11) Balance Off The Account
Answer 12) Balance Brought Down
Answer 13) Trial Balance
Answer 14) Revenues
Answer 15) Equity
Answer 16) T-account
Answer 17) Expenses
Answer 18) Profit
Answer 19) Balance Sheet
Answer 20) Assets
Answer 21) Capital
Answer 22) Balance Carried Down
Answer 23) Account
Answer 24) Bookkeeping
Answer 25) Drawings
Answer 26) Creditor
Answer
Revision Bitesize Double Entry Bookkeeping
Answers1) A system where each transaction is entered twice, once on the debit side and once on the credit side.
Question 2) Totalling and ruling off an account on which there is no outstanding balance.
Question 3) The left-hand side of the accounts in double entry.
Question 4) The right-hand side of the accounts in double entry.
Question 5) Goods bought by the business for the prime purpose of selling them again.
Question 6) Goods sold by the business in which it normally deals which were bought with the prime intention of resale.
Question 7) Goods in which the business normally deals that are held with the intention of resale They may be finished goods, partly finished goods, or raw materials awaiting conversion into finished goods which will then be sold (Also known as inventory.)
Question 8) A person who owes money to a business for goods or services supplied to him.
Question 9) Total of funds owed for assets supplied to a business or expenses incurred not yet paid.
Question 10) The result of selling goods for less than they cost.
Question 11) Insert the difference (called a 'balance') between the two sides of an account and then total and rule off the account This is normally done at the end of a period (usually a month, a quarter, or a year).
Question 12) The difference between both sides of an account that is entered below the totals on the opposite side to the one on which the balance carried down was entered (This is normally abbreviated to 'balance b/d'.)
Question 13) A list of account titles and their balances in the ledgers, on a specific date, shown in debit and credit columns.
Question 14) The financial value of goods and services sold to customers.
Question 15) Another name for the capital of the owner.
Question 16) The layout of accounts in the accounting books.
Question 17) The value of all the assets that have been used up to obtain revenues.
Question 18) The result of selling goods or services for more than they cost.
Question 19) A statement showing the assets, liabilities, and capital of a business.
Question 20) Resources owned by a business.
Question 21) The total of resources invested and left in a business by its owner.
Question 22) The difference between both sides of an account that is entered above the totals and makes the total of both sides equal each other (This is normally abbreviated to 'balance c/d'.)
Question 23) Part of double entry records, containing details of transactions for a specific item.
Question 24) The process of recording data relating to accounting transactions in the accounting books.
Question 25) Funds or goods taken out of a business by the owners for their private use.
Question 26) A person to whom money is owed for goods or services.
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