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Pricing Schools Business

Features Pricing Schools Business

10 Questions

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Book of Accounts and Ledger

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Questions and Answers

What is a trial balance?

A system used to record all transactions of a business

A list of all ledger accounts with closed or final balances on a certain period (correct)

A financial statement that shows the profitability of a business

A report that summarizes the cash flows of a business

What is the purpose of a trial balance?

To record all transactions of a business

To identify the profit or loss of a business

To prepare the financial statements of a business (correct)

To prepare the budget of a business

What is the key to preparing accurate financial reports?

Preparing the financial statements quickly

Using a computerized accounting system

Hiring a bookkeeper to do the job

Recording all transactions that have monetary value (correct)

What is the role of the bookkeeper in a business?

To take the significant roles in reporting accurate financial information (A) Signup and view all the answers

What is the benefit of preparing accurate financial reports?

To make sound decisions for the business (B) Signup and view all the answers

What are the components of key financial reports?

Statement of financial position, statement of comprehensive income, statement of cash flows, and statement of changes in equity (C) Signup and view all the answers

In what subject is the discussion of financial reports found?

Business and Management 2 (B) Signup and view all the answers

What is the purpose of identifying the profit or loss of a business?

To make sound decisions for the business (D) Signup and view all the answers

What is the consideration of a bookkeeper in computing for the Net Income or net earnings?

The type of business organization (D) Signup and view all the answers

What is the characteristic of a trial balance?

The debit and credit columns must be equal in total amount (D) Signup and view all the answers