Explanation:
Bookkeeping is the process of recording financial transactions in businesses and other organizations and is a part of the accounting process.
The correct answer:
False
Explanation:
Transactions are recorded in the double-entry system as debits and credits.
Please select 4 correct answers
Explanation:
Assets, expenses, and losses are examples of accounts with a debit balance. Cash, accounts receivable, prepaid costs, fixed assets (asset) account, wages (expense), and loss on sale of assets (loss) accounts are examples of these accounts.
Explanation:
A month is commonly believed to be an accounting period. A few companies collect financial data in four-week increments, resulting in 13 accounting periods per year. Regardless of the accounting period chosen, it must be applied consistently over time.
Explanation:
Asset and liability records, monetary transactions, ledgers, journals, and any supporting documents such as checks and invoices are all included in accounting records.
Explanation:
A transaction should post to an account in the general ledger once it is logged as a journal entry. The general ledger shows how all accounting activities are broken down by account. It allows a bookkeeper to keep track of each account's financial situation and status.
Explanation:
A cash book is a separate ledger that records monetary transactions, whereas a cash account is a general ledger account. A cash book acts as a journal and a ledger, whereas a cash account is organized similarly to a ledger.
Explanation:
One-sided errors are those that have an impact on the trial balance agreement. These errors only affect one account and one side of the account, i.e., the debit or credit side. One-sided errors include partial omissions, recording transactions with incorrect casting, and incorrect publishing.
