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JC ACB

Identify key terms associated with ACB

QuestionAnswer
C/D carried down
B/D brought down
What is a contra entry? A Contra Entry is where both a debit and credit entry need to be made for the same transaction.
What is filing? Filing is the method of storing documents and information so it can be easily located when required.
What are the steps for filing called? 1. Purchase the necessary filing equipment 2. Put a heading on each file 3. Choose an appropriate filing system 4. Keep information up-to-date
What does 'keep information up-to-date' mean? Keep information up-to-date - adding new information and removing out-of-date information regularly.
What is the Credit side? (Cr) for recording anything paid out/expenditure.
What is the Debit side? (Dr) for recording anything received/income. e.g. cash received.
What is 'Folio'? Folio is where the item is to be posted to
What is the 'Receipt No. Column'? in an analysed cash book Receipt No. Column is to enter the particular number of the receipt.
What is the 'Cheque No. Column'? in an analysed cash book Cheque No. Column to enter the particular number of the cheque.
What is the 'Sundries/Other Column' in an analysed cash book Sundries/Other Column is to be used for transactions that do not fit any other headings you are given.
What is the 'Date' in the analysed cash book? For the date the transaction happened.
What are the 'Details' in an analysed cash book? For the description of the transaction.
What is a 'Bank Overdraft'? Bank Overdraft is where a current account holder is allowed withdraw more money than they have in their account
What is an account An account is a record of a money transaction (A/c).
What is opening cash Opening Cash is the money a household has at the start a period e.g. month.
What is closing cash Closing Cash is the money a household has at the end a period - the difference between the Debit and Credit side.
Examples of terms used with entries for Cash A/c: received Wages in cash Wages paid by cash Pocket money - cash Purchased Groceries by cash Paid for Telephone bill - cash Bought new shoes (assume by cash if cheque not mentioned)
Debit the Receiving
Credit the Giver
Created by: ms.scahill
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