10 Questions
What is a trial balance?
A list of all ledger accounts with closed or final balances on a certain period
What is the purpose of a trial balance?
To prepare the financial statements of a business
What is the key to preparing accurate financial reports?
Recording all transactions that have monetary value
What is the role of the bookkeeper in a business?
To take the significant roles in reporting accurate financial information
What is the benefit of preparing accurate financial reports?
To make sound decisions for the business
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
In what subject is the discussion of financial reports found?
Business and Management 2
What is the purpose of identifying the profit or loss of a business?
To make sound decisions for the business
What is the consideration of a bookkeeper in computing for the Net Income or net earnings?
The type of business organization
What is the characteristic of a trial balance?
The debit and credit columns must be equal in total amount
Test your knowledge of the Book of Accounts, Journal, and Ledger in accounting. Learn about the General Journal and General Ledger, and how they are used to record business transactions.
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