Show:
Types of Business Organization
Accounting Cycle
Source Document
Accounting vs Book-keeping
100
  • A large sized enterprise with many employees owned by a single person

Sole trader

100

Journalizing is the ___ step 

2nd

100

A customer paid his account in full

Receipt 

100

State the purpose of accounting.

To ascertain profit

To ascertain the value of assets and liabilities 

To provide financial information

200
  • Kiara and Merkala come together to open up an ice cream shop. 

Partnership

200

The final step is 

preparing financial statements 

200

A customer returned some of the goods previously bought on credit

Debit note

200

Identify TWO qualities that you would expect of a person applying to be a book-keeper in an organization.          

Honesty

Integrity

Confidentiality

Accuracy

Attention to detail

Reliabilty

300
  • An organization which does not make profits

Non-profit

300

Adjusted trial balance comes after 

Extracting trial balance 

300
  • The landlord was paid this month’s rent by cheque

Cheque

300

State THREE responsibilities that you would expect to find on the job descriptions of an accountant working for Courts Dominica Ltd

Prepare financial statements 

Prepare budgets 

Supervise book-keeping staff

Analyse financial statements 

Prepare tax assessment

Manage financial systems 

400
  • An organization operated by its members, which provides services to its members.

Cooperative

400

Source documents is the ___ step. 

1st

400

A supplier informs his customers of additional charges on goods already shipped

Credit note

400

 Identify FOUR professional organizations that would employ accountants.    

Banks/ Finnacial institutions 

Grocery stores 

Bookstores

Law firms

Hospitals



500
  • Shares of this type of business is separate from its owners.

Company

500

There are typically ___ steps 

6

500

Goods were sold on credit to a customer

Invoice

500

State TWO skills that an accountant is expected to possess.

Expertise in IT

Expertise in accounting 

Analytical skills

Leadership skills

Communication skills