recordkeep test 1
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| The systematic recording of the transactions of a business is called | record keeping
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| Reporting the financial results of a business is called | accounting
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| Reasons for maintaining financial records | 1. plan for future
2.determines profit and loss status
3.income tax purposes
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| Oldest bookkeeping system; each entry is made separately: errors are common with this method | Single entry system
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| the bookkeeping system that provides a comprehensive financial picture; requires a trained/ experienced bookkeeper or accountant | Double entry system
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| Called the write it once system because the same data is entered on all the forms at one time | peg board
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| Used to take care of minor expenditures | petty cash
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| Also called a check register; whatever is spent in the health care facility is recorded here | disbursement journal
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| Form used to control petty cash expenditures | Voucher
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| When establishing the petty cash fund,the check is written to cash/petty cash and entered in the disbursement journal under | Misc.
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| The information on the petty cash vouchers is transferred to a | petty cash record
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| The average amount of a petty cash fund is | 25-50 dollars
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| when replenishing the petty cash fund, the amount of the check is | Disbursed under accounts in which it was used
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Created by:
lecopple1
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