ENTREPRENEURSHIP BOOKKEEPING
EXAM QUESTIONS WITH CORRECT
ANSWERS
Bookkeeping - ANSWER-It refers to the recording of business transactions in the books
of business.
Transaction - ANSWER-It refers to events where there are exchanges of values that are
measurable in one common denominator.
Journal - ANSWER-It is the book of original entry.
Ledger - ANSWER-It is the book of final entry.
Date column - ANSWER-It shows the date of the occurrence of the transaction.
Particulars - ANSWER-It shows the account debited and credited as well as a brief
explanation of the transaction.
Posting reference - ANSWER-It is used when the entries are posted until the amounts
are transferred into the related ledger accounts.
Debit column - ANSWER-It is the first money column where the amount of the debit
account is entered.
Credit column - ANSWER-It is the second money column where the amount of the
credit account is entered.
Accounting elements - ANSWER-They are accounts grouped into five categories.
Cash - ANSWER-It described money, either in paper or in coins.
Accounts receivable - ANSWER-It describes collectibles from customers who made
sales transactions on credit.
Notes receivable - ANSWER-It describes collectives that are supported with promissory
notes.
Supplies on hand - ANSWER-It describes unused office or store supplies.
Unused factory supplies - ANSWER-It describes unutilized manufacturing supplies.
Inventory - ANSWER-It describes unsold goods that are intended for sale.
EXAM QUESTIONS WITH CORRECT
ANSWERS
Bookkeeping - ANSWER-It refers to the recording of business transactions in the books
of business.
Transaction - ANSWER-It refers to events where there are exchanges of values that are
measurable in one common denominator.
Journal - ANSWER-It is the book of original entry.
Ledger - ANSWER-It is the book of final entry.
Date column - ANSWER-It shows the date of the occurrence of the transaction.
Particulars - ANSWER-It shows the account debited and credited as well as a brief
explanation of the transaction.
Posting reference - ANSWER-It is used when the entries are posted until the amounts
are transferred into the related ledger accounts.
Debit column - ANSWER-It is the first money column where the amount of the debit
account is entered.
Credit column - ANSWER-It is the second money column where the amount of the
credit account is entered.
Accounting elements - ANSWER-They are accounts grouped into five categories.
Cash - ANSWER-It described money, either in paper or in coins.
Accounts receivable - ANSWER-It describes collectibles from customers who made
sales transactions on credit.
Notes receivable - ANSWER-It describes collectives that are supported with promissory
notes.
Supplies on hand - ANSWER-It describes unused office or store supplies.
Unused factory supplies - ANSWER-It describes unutilized manufacturing supplies.
Inventory - ANSWER-It describes unsold goods that are intended for sale.
