What students should know
Bookkeeping can be defined as all the activities that have to do with the orderly classification and recording of financial data or business transaction.
Bookkeeping assist the process of accounting via the taking of an accurate record keeping.
Accounting is a field of study that covers the entire process and practice of managing the finances of an individual or an organization.
In smaller organizations, a bookkeeper’s job may go beyond simple transaction recording, as they may also be involved in the accounting process of the organization. On the other hand, accountants may have to record financial transaction in addition to analyzing financial transaction.
Below are the importance of bookkeeping in any organization:
It brings accuracy into the recordings of the daily business transaction.
They provide the information on which financial accounts are prepared.
Aside from its importance in business organizations, it can also be used by nonprofit organizations and individuals.
It can also take record of liabilities, assets and loans. This function of bookkeeping can be crucial for many businesses.
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Questions for Student
Which of the following statement is false concerning soil erosion?
A. The top soil is moved from one point to another
B. Man is an agent that bring about soil erosion
C. Wind and water are natural agents of soil erosion
D. Sheet erosion is said to occur when the surface of a land is eroded at an unequal levels
E. Deforestation will increase the likehood of wind erosion
F. Rill erosion results in the formation of miniature dongas on land
The above diagram shows a _____ erosion.
Costs generally treated as expenses in business are termed _____.
A. Fixed cost
B. Variable cost
C. Sunk cost
D. Direct cost
E. Private cost
F. Outlay cost