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Academic Questions in Accounts

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According to the principles of the dual entry system, an increase in asset is credited.

A. True

B. False

The followings are true on the double entry system of accounting except _.

A. Errors can't be made

B. It can be time consuming

C. It can be used as an accounting reference

D. It can be used to control a company's expenditure

E. There is completion of account transaction

F. It isn't difficult to implement

With regards to bookkeeping and accounting, which of the following statement is incorrect?

A. Accounting covers the entire practice of finance management

B. Bookkeeping is a branch of accounting

C. Bookkeeping is a necessary requirement when making financial statement of account

D. Bookkeepers record financial transaction in a chronological order

E. Accountant earn higher salaries than bookkeepers

F. Accounting reports assist business managers in making a more detailed decision

The debited and credited accounts are written in which column of a journal?

A. Date

B. Particulars

C. Folio

D. Ledger

E. Amount

F. None of the above

A journal may also be referred to any of the following except _.

A. Book of original entry

B. Book of primary entry

C. Book of first entry

D. Initial book

E. Day book

F. Chronological book

Accounts

Characteristics of Double Entry System Examples on the Principle of Double Entry System Advantages and Limitations of the Double System in Accounting Scheme of work, Financial Accounting, SS1, Third Term Scheme of work, Financial Accounting, SS1, Second Term Scheme of work, Financial Accounting, SS1, First Term Differences between Bookkeeping and Accounting Journal - Contents, Format, Characteristics and Advantages of Journal Bank Wire and Wire Transfer Chart of Accounts Meaning, Importance, Processes, Examples and Steps in Balance Sheet Reconciliations

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NOTABLE POINTS IN Accounts

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.

Please read more on Bookkeeping and Accounting alongside their differences here