SOURCE DOCUMENTS
The accounting cycle will start with
Source Documents
Traditional operations time for every business
12-months
The book for listing all sales invoices
Sales day book
All double entry systems are recorded in the
ledger
A stand-alone business
Sole Trade
A document prepared by the seller when goods or services are provided on credit
Invoice
Financial records could be recorded in business books in two ways
manually or computerized systems
A book used to record ONLY cash transactions in businesses
Cash book
Accounts in the ledgers are divided into
Personal and Impersonal Accounts
A company that is legal with one shareholder and one director
Private Limited Company
The document raised by the purchaser for goods returned
Debit Note
This happens at the end of each month to our books of records
"Balance off"
A returns outwards journal is also known as a
Purchases returns book
The accounts that deals with people and firms are
Personal Accounts
Clubs and associations are companies under
Non-trading organizations
The full meaning of BACS
Bankers' Automated Clearing Services
A business started on 1st October 2000. I should end when?
September 30th 2001
The book that records how much "cash till" you have
Cash book
Accounts which deals with the possessions of businesses
Real Account
a legally constituted business entity formed for the explicit purpose of furthering economic welfare of its members
Cooperative Societies
One document with a counterfoil is
cheque
A business that started in April 30th will run till when to close for the year?
March 31 of the next year
The petty cash book mainly takes its records from
petty cash voucher
Expenses, income, sales, wages and commissions received can be recorded in
Nominal Account
Every business is set up to make profit except
Not-for profit organizations NGO