Bookkeeping (English for Accounting)

Formal organized system of recording financial transactions is called

• Audit

• Bookkeeping

• Credit

The two basic systems of bookeeping are

• Double Entry and Single Entry

• Triple Entry and Single Entry

• Triple Entry and Double Entry

Record of the financial transactions that concern one item or group of similar items is called

• Capital

• Account

• Reference

The picture above is called

• Journal

• Ledger

Basic Accounting Formulas

ASSETS = LIABILITIES - OWNER'S EQUITY

• True

• False