Bookkeeping L1
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
|
|
||||
|---|---|---|---|---|---|
| What is bookkeeping? | show 🗑
|
||||
| show | Making use of the info and allowing the owner to understand the financial position of their business.
🗑
|
||||
| What are Assets? | show 🗑
|
||||
| show | Things a business owes.
🗑
|
||||
| What are fixed assets? | show 🗑
|
||||
| show | Things that the business owns but which change in value day to day eg. money in bank/stock
🗑
|
||||
| show | Short term liabilities that are normally paid off within a year eg. overdraft, suppliers
🗑
|
||||
| show | Liabilities that will last for longer than a year eg. bank loans, mortgages
🗑
|
||||
| show | Assets=Capital+Liabilities
🗑
|
||||
| show | Two elements - something comes into the business and something goes out.
🗑
|
||||
| show | Day to day income from sales of stock or rent of houses etc.
🗑
|
||||
| What is capital income? | show 🗑
|
||||
| show | Money spent on fixed assets that will remain in the business for a longer time.
🗑
|
||||
| show | Money spent on day-to-day items eg. rent, wages, purchases
🗑
|
||||
| What is the bank/business relationship? | show 🗑
|
||||
| show | Date, branch name, account name into which the money is being paid, signature or name of the person paying in, reference, sort code and account number, amount of money, summary on side slip, list of individual cheques paid in on reverse.
🗑
|
||||
| show | Date of issue, name of payee, amount in both words and figures, signature of account holder.
🗑
|
||||
| show | Left hand side records the money paid into the account and is called the Debit side.
🗑
|
||||
| What is the right hand side of the T account used to record and what is it called? | show 🗑
|
||||
| show | The business owes the bank money.
🗑
|
||||
| What does it mean if the balance is brought down on the left hand side of the bank account? | show 🗑
|
||||
| show | A cash book in which the income and expenditure is split up under different headings.
🗑
|
||||
| show | A creditor.
🗑
|
||||
| What are the golden rules of double entry? | show 🗑
|
||||
| What is the two column cash book used for? | show 🗑
|
||||
| What is a contra transaction? | show 🗑
|
||||
| show | No.
🗑
|
||||
| What is the difference between gross pay and net pay? | show 🗑
|
||||
| show | PAYE and NI
🗑
|
||||
| What is The Journal? | show 🗑
|
||||
| What is a person who owes the business money called? | show 🗑
|
||||
| What is the formula for calculating VAT? | show 🗑
|
||||
| show | Downwards.
🗑
|
||||
| What information needs to be on a VAT invoice? | show 🗑
|
||||
| show | PO number, shipping date, billing address, shipping address, terms and conditions, list of products or services with quantities and price.
🗑
|
||||
| show | Up.
🗑
|
||||
| show | VAT on goods/services coming into a business eg. purchases.
🗑
|
||||
| show | VAT on goods/services going out of the business eg. sales.
🗑
|
||||
| show | The invoice stage.
🗑
|
||||
| Which side is the VAT put in on? | show 🗑
|
||||
| show | Purchases, sales return, expenses.
🗑
|
||||
| Which items always appear on the credit side of their account? | show 🗑
|
||||
| show | Re-calculate the full invoice including the cash discount and then post the difference
🗑
|
||||
| Discounts received go in on the... | show 🗑
|
||||
| Discounts allowed go in on the... | show 🗑
|
||||
| show | A small amount of money kept in the business in cash to pay for small incidentals.
🗑
|
||||
| show | A system in which the amount held for petty cash is fixed and is topped up again after money is spent.
🗑
|
||||
| How is the petty cash book normally recorded? | show 🗑
|
||||
| show | The date, details of expenses, voucher number, total paid, expense amount in correct column, the amount of VAT.
🗑
|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
jenniebatchelor
Popular Accounting sets