Books of original entry - Study guides, Class notes & Summaries

How much did we make, and how much do we keep? (in a given time period) - Income statements How much do we have, and where did it come from? (at a given point in time)? - Balance sheets Where did our money go? (in a given time period) - Cash flow statements What is Bookkeeping? - Process of collecting, classifying, and recording raw information that arises from those transactions, in order to prepare financial statements What are the books of original entry? - Journals, the first level...

Books of Original Entry Correct Answer: 1. Cash Book 2. Sales Day Book (Credit Sales) 3. Purchases Day Book (Credit Purchases) 4. Petty Cash Book 5. Journal Book 6. The Payroll Statement of Financial Position Correct Answer: SOFP - Snapshot of assets controlled, liabilities owned and capital at a point in time Statement of Profit and Loss Correct Answer: Income and expenses over a period of time The Business entity concept Correct Answer: Business transactions should be kept s...

WGU C756 Data Analytics / CIW Data Analyst Questions and Answers Graded A+ three steps to obtaining good data to make more optimal business decisions: Step 1: Capturing data Step 2: Analyzing data Step 3: Using data general journal An all-purpose journal in which all the transactions of a business may be recorded. The general journal is part of the accounting system in which record is kept. These are books of original entry in which transactions are first recorded. general ledger A ledger tha...

ACCY 200 Exam 1 UIUC Verified A cash equivalent is a current asset that: is readily convertible into cash with a minimal risk. A concept or principle that relates to transactions is: original cost. A credit entry will: increase a liability account. A debit entry will: increase the balance of an expense account. A firm wishing to minimize the amount reported for taxable income and maximize the amount reported as net income in the year in which a new long-term asset is placed in servic...

ACA [ICAEW] – ACCOUNTING Exam Questions With Verified Answers Books of Original Entry - answer1. Cash Book 2. Sales Day Book (Credit Sales) 3. Purchases Day Book (Credit Purchases) 4. Petty Cash Book 5. Journal Book 6. The Payroll Statement of Financial Position - answerSOFP - Snapshot of assets controlled, liabilities owned and capital at a point in time Statement of Profit and Loss - answerIncome and expenses over a period of time The Business entity concept - answerBusiness trans...

A client with COPD is doing ADL rehab as part of outpatient pulmonary rehab program. client reports right shoulder discomfort for last several days which is constant during day and worse at night. Over the counter pain meds don't help. Pulse oximetry is 89%. What should OT do? A. Administer physical agent modality to relieve shoulder pain B. Advise client to increase frequency of pursed lips breathing C. Complete sensory and motor assessment to determine shoulder pain D. Contact referring...

CHAPTER 2: CONSOLIDATION OF FINANCIAL INFORMATION Accounting standards for business combination are found in FASB ASC Topic 805, ―Business Combinations‖ and Topic 810, ―Consolidation.‖ These standards require the acquisition method which emphasizes acquisition-date fair values for recording all combinations. In this chapter, we first provide coverage of expansion through corporate takeovers and an overview of the consolidation process. Then we present the acquisition method o...

ACA [ICAEW] ACCOUNTING – Exam Questions With 100% Correct Answers Latest 2024/2025. Books of Original Entry - ANSWER 1. Cash Book 2. Sales Day Book (Credit Sales) 3. Purchases Day Book (Credit Purchases) 4. Petty Cash Book 5. Journal Book 6. The Payroll Statement of Financial Position - ANSWER SOFP - Snapshot of assets controlled, liabilities owned and capital at a point in time Statement of Profit and Loss - ANSWER Income and expenses over a period of time The Business entity concept...

ACA ICAEW ACCOUNTING Exam Questions With 100% Correct Answers Latest 2024/2025. Books of Original Entry - ANSWER 1. Cash Book 2. Sales Day Book (Credit Sales) 3. Purchases Day Book (Credit Purchases) 4. Petty Cash Book 5. Journal Book 6. The Payroll Statement of Financial Position - ANSWER SOFP - Snapshot of assets controlled, liabilities owned and capital at a point in time Statement of Profit and Loss - ANSWER Income and expenses over a period of time The Business entity concept - ANS...

ACA [ICAEW] – ACCOUNTING (2023/2024) ALREADY GRADED A Books of Original Entry 1. Cash Book 2. Sales Day Book (Credit Sales) 3. Purchases Day Book (Credit Purchases) 4. Petty Cash Book 5. Journal Book 6. The Payroll Statement of Financial Position SOFP - Snapshot of assets controlled, liabilities owned and capital at a point in time Statement of Profit and Loss Income and expenses over a period of time The Business entity concept Business transactions should be kept separate from the persona...