GROUP 5 ENTREP QUIZ

The 2 books of accounts are the Journal and Ledger
False
True
It refers to recording of business transactions in the books of business
Bookkeeping
Documentation
Drawing
Abbreviation of the account title is not allowed
True
false
What is debit?
value received
value parted with
expenses
Journal is the book of original entry
false
True
Check is an internal business document that authorizes the incurrence or payment obligation
True
false
It is an official business document issued by the buyer to the seller of goods
Invoice
Purchase order
Voucher
It describes unsold goods that are intended for sale
Furniture
Liability
Inventory
The income statement is a structured financial statement that presents the income expenses and net income or net loss realized during a certain period
True
false
The process of transferring the same information from the journal to the ledger is called Posting
True
false
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