Bookkeeping

What do bookkeepers do?

• read books

• keep track of expenses

• track sales

• write stories for kids

Accountants spend around 1,700 hours counting Oscar ballots by hand?

• True

• False

Which manual bookkeeping system has a built-in way to check for errors?

• Single-entry system 
• Pegboard system 
• Double-entry systems 

Where in the income statement would you find how much money a business took in in a year?

• sales

• taxes

• checks and balances

• assets

What reflects the money the owners have put into the business?

• equity

• bookkeeper

• assets

• liabilities

The words debit and credit come from the Latin words debitum and creditum

• True

• False

Examples of bookkeeping forms are:

• EGeneral Ledger, General Journal

• General Journal, General Ledger, Bank Reconciliation

• Just the General Journal

• None of the above

5. During middle ages period, a more formal method of account-keeping method was developed by ______________.

• A. bankers

• B. merchant

• C. merchant and bankers

• D. none of the above

The statement of _____________

shows the profitability of the business

• Cash flows

• Profitability

• Financial Position

• Profit or Loss

Saxophonist Kenny G and Mick Jagger of the Rolling Stones both studied accounting

• True

• False