The main objective of Bookkeeping is to keep permanent records of business transactions.

The main objective of Bookkeeping is to keep permanent records of business transactions.
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State whether the following statement are true or false with reason : The main objective ... is to keep permanent records of business transactions.
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(i) A system of book-keeping which records only one aspect of business transactions and ignores other aspects.

Description : (i) A system of book-keeping which records only one aspect of business transactions and ignores other aspects.

Last Answer : Write a word, term, or phrase which can substitute each of the following statements : (i ... approximate or estimated values as on a particular date.

Which of the following is not the main objective of accounting? A] Systematic recording of transactions B] Ascertaining profit or loss C] Ascertainment of financial position D] Solving tax disputes with tax authorities

Description : Which of the following is not the main objective of accounting? A] Systematic recording of transactions B] Ascertaining profit or loss C] Ascertainment of financial position D] Solving tax disputes with tax authorities

Last Answer : D] Solving tax disputes with tax authorities

To obtain an understanding of a continuing client’s business in planning an audit, an auditor most likely would a. Read specialized industry journals. b. Review prior year working papers and the permanent file for the client. c. Reevaluate the client’s internal control environment. d. Perform tests of details of transactions and balances

Description : To obtain an understanding of a continuing client's business in planning an audit, an auditor most likely would a. Read specialized industry journals. b. Review prior year working papers and ... the client's internal control environment. d. Perform tests of details of transactions and balances

Last Answer : Review prior year working papers and the permanent file for the client

i. Notice is a written summary of business transacted at a meeting. ii. Written communication provides permanent records.

Description : i. Notice is a written summary of business transacted at a meeting. ii. Written communication provides permanent records.

Last Answer : State whether the following statements are True or False: i. Notice is a written summary of business ... . viii. A letter should have minimum folds.

Is it cheaper to outsource my bookkeeping to a service or to keep a bookkeeper on staff?

Description : Is it cheaper to outsource my bookkeeping to a service or to keep a bookkeeper on staff?

Last Answer : I t would be cheaper to outsource to an outside service. If you hire a bookkeeper, unless they are a part-time employee, you will have to provide benefits to them. If you use a service, such as Tad Accounting, you'd come out cheaper.

what are the checklist items a new business person needs to check off when setting up their bookkeeping?

Description : what are the checklist items a new business person needs to check off when setting up their bookkeeping?

Last Answer : I ran a family small business for nearly 30 years. My advise is to contact a CPA who does small business activities such as payroll, payroll taxes, inventory, reciepts, expenses, depreciation. It is ... omissions in this area. Good luck, your own small business can be the most rewarding of ventures.

(i) It is not possible for management to plan and take decisions in business with help of bookkeeping and accountancy.

Description : (i) It is not possible for management to plan and take decisions in business with help of bookkeeping and accountancy.

Last Answer : Do you agree or disagree with the following statement : (i) It is not possible for management to ... . (v) Purchase of goods is revenue expenditure.

A business can not run without bookkeeping.

Description : A business can not run without bookkeeping.

Last Answer : State whether the following statement are true or false with reason : A business can not run without bookkeeping.

Is it a good idea to start bookkeeping business?

Description : Is it a good idea to start bookkeeping business?

Last Answer : Is it a good idea to start a bookkeeping business but it also depends on the person. If you're passionate about a bookkeeping business then go for it.

What are the benefits of virtual bookkeeping to the business?

Description : What are the benefits of virtual bookkeeping to the business?

Last Answer : A. As well as the lower costs of employing a professional accountant or virtual accounting firm, electronic bookkeeping gives you unique benefits: Accessible †Have access to all essential papers ... accounting software has advanced encryption levels, along the lines of security at the bank level.

A characteristic of card systems is: A) Slowness in processing data B) Using cards as records of transactions C) Needing a larger DP staff D) All of the above

Description : A characteristic of card systems is: A) Slowness in processing data B) Using cards as records of transactions C) Needing a larger DP staff D) All of the above

Last Answer : Answer : D

The underlying conditions that create demand by users for reliable information include the following except: a. Decisions are not time-sensitive. b. Transactions that are numerous and complex. c. Users separated from accounting records by distance and time. d. Financial decisions that are important to investors and users

Description : The underlying conditions that create demand by users for reliable information include the following except: a. Decisions are not time-sensitive. b. Transactions that are numerous and complex. c. ... records by distance and time. d. Financial decisions that are important to investors and users

Last Answer : Decisions are not time-sensitive

Which of the following is an example of an error? a. Defalcation b. Misapplication of accounting policies. c. Suppression or omission of the effects of transactions from the records or documents. d. Recording of transactions without substance

Description : Which of the following is an example of an error? a. Defalcation b. Misapplication of accounting policies. c. Suppression or omission of the effects of transactions from the records or documents. d. Recording of transactions without substance

Last Answer : Misapplication of accounting policies.

Which of the following factors most likely would influence an auditor’s determination of the auditability of an entity’s financial statements? a. The complexity of the accounting system. b. The existence of related-party transactions. c. The adequacy of the accounting records. d. The operating effectiveness of control procedures.

Description : Which of the following factors most likely would influence an auditor's determination of the auditability of an entity's financial statements? a. The complexity of the accounting system. b. The ... c. The adequacy of the accounting records. d. The operating effectiveness of control procedures.

Last Answer : The adequacy of the accounting records.

A characteristic of card systems is: a. Slowness in processing data b. Using cards as records of transactions c. Needing a larger DP staff d. All of the above

Description : A characteristic of card systems is: a. Slowness in processing data b. Using cards as records of transactions c. Needing a larger DP staff d. All of the above

Last Answer : All of the above

A characteristic of card system is 1) slowness in processing data 2) using cards as records of transactions 3) needing a larger data staff 4) All of these

Description : A characteristic of card system is 1) slowness in processing data 2) using cards as records of transactions 3) needing a larger data staff 4) All of these

Last Answer : 4) All of these

What records a country's transactions (made by individuals, firms and government bodies.) with the rest of the world? a) Trade deficit b) Capital Budget c) Foreign imports d) Balance of Payments or BoP

Description : What records a country's transactions (made by individuals, firms and government bodies.) with the rest of the world? a) Trade deficit b) Capital Budget c) Foreign imports d) Balance of Payments or BoP

Last Answer : b) other things remaining equal

A characteristic of card systems is: a. Slowness in processing data b. Using cards as records of transactions c. Needing a larger DP staff d. All of the above

Description : A characteristic of card systems is: a. Slowness in processing data b. Using cards as records of transactions c. Needing a larger DP staff d. All of the above

Last Answer : d. All of the above

Which of the following is most likely to be an overall response to fraud risks identified in an audit? a. Only use certified public accountants on the engagemenb. Place increased emphasis on the audit of objective transactions rather than subjective transactions. c. Supervise members of the audit team less closely and rely more upon judgment. d. Use less predictable audit procedures.t

Description : Which of the following is most likely to be an overall response to fraud risks identified in an audit? a. Only use certified public accountants on the engagement b. Place increased emphasis on the ... the audit team less closely and rely more upon judgment. d. Use less predictable audit procedures.

Last Answer : Use less predictable audit procedures.

Which of the following is most likely to be an overall response to fraud risks identified in an audit? a. Supervise members of the audit team less closely and rely more upon judgment. b. Use less predictable audit procedures. c. Use only certified public accountants on the engagement. d. Place increased emphasis on the audit of objective transactions rather than subjective transactions.

Description : Which of the following is most likely to be an overall response to fraud risks identified in an audit? a. Supervise members of the audit team less closely and rely more upon ... engagement. d. Place increased emphasis on the audit of objective transactions rather than subjective transactions.

Last Answer : Use less predictable audit procedures.

Which of the following is most likely to be an overall response to fraud risks identified in an audit? a. Supervise members of the audit team less closely and rely more upon judgment. b. Only use certified public accountants on the engagement. c. Place increased emphasis on the audit of objective transactions rather than subjective transactions. d. Use less predictable audit procedures.

Description : Which of the following is most likely to be an overall response to fraud risks identified in an audit? a. Supervise members of the audit team less closely and rely more upon ... the audit of objective transactions rather than subjective transactions. d. Use less predictable audit procedures.

Last Answer : Use less predictable audit procedures.

A primary objective of dual exchange rates is to allow a country the ability to insulate its balance of payments from net: A. Current account transactions B. Unilateral transfers C. Merchandise trade transactions D. Capital account transactions

Description : A primary objective of dual exchange rates is to allow a country the ability to insulate its balance of payments from net: A. Current account transactions B. Unilateral transfers C. Merchandise trade transactions D. Capital account transactions

Last Answer : D. Capital account transactions

A primary objective of dual exchange rates is to allow a country the ability to insulate its balance of payments from net: A. Current account transactions B. Unilateral transfers C. Merchandise trade transactions D. Capital account transactions

Description : A primary objective of dual exchange rates is to allow a country the ability to insulate its balance of payments from net: A. Current account transactions B. Unilateral transfers C. Merchandise trade transactions D. Capital account transactions

Last Answer : D. Capital account transaction

All of the following statements about the post-closing trial balance are correct except it a. shows that the accounting equation is in balance. b. provides evidence that the journalizing and posting of closing entries have been properly completed. c. contains only permanent accounts. d. proves that all transactions have been recorded.

Description : All of the following statements about the post-closing trial balance are correct except it a. shows that the accounting equation is in balance. b. provides evidence that the journalizing and posting ... . c. contains only permanent accounts. d. proves that all transactions have been recorded.

Last Answer : d. proves that all transactions have been recorded.

How easy is it to keep track of financial transactions if you're in a small business?

Description : How easy is it to keep track of financial transactions if you're in a small business?

Last Answer : As a small business owner, it is easy to get overwhelmed by the sheer volume of financial information that you must track and store. The trail to every successful small business is littered with hundreds, if not thousands, or maybe even millions of transactions.

Which one of the following is not a part of the attest process? a. Evaluating evidence against objective criteria b. Gathering evidence about assertions c. Proving the accuracy of the books and records d. Communicating the conclusions reached

Description : Which one of the following is not a part of the attest process? a. Evaluating evidence against objective criteria b. Gathering evidence about assertions c. Proving the accuracy of the books and records d. Communicating the conclusions reached

Last Answer : Proving the accuracy of the books and records

Were those "permanent" school records really all that serious after all?

Description : Were those "permanent" school records really all that serious after all?

Last Answer : Sure doesn't seem like it, except applying to selective universities. As far as I know, the only places they mattered for me were: * within the school itself * applying to selective universities ( ... in middle and upper school. No employer has ever asked me for a school or college transcript.

Mark correct option related to preservation period a) Nominal roll cum attendance & destruction of record register is permanent b) All records of registration and parcel dept except foreign article is 1 year c) All records of registration and parcel dept related fo foreign articles is 1 ½ year d) All records of MO is 1 ½ year, IPO 42 months, Book of MO receipt is 2 years e) All the above

Description : Mark correct option related to preservation period a) Nominal roll cum attendance & destruction of record register is permanent b) All records of registration and parcel dept except foreign article is 1 year c) All records ... 1 ½ year, IPO 42 months, Book of MO receipt is 2 years e) All the above

Last Answer : e) All the above

From the following records , which record is permanent One ? a. Service Book b. Stock Book c. Register of particulars of accounts records destroyed

Description : From the following records , which record is permanent One ? a. Service Book b. Stock Book c. Register of particulars of accounts records destroyed

Last Answer : c. Register of particulars of accounts records destroyed

After a business closes down, is it required to keep records?

Description : After a business closes down, is it required to keep records?

Last Answer : I've been wondering that myself. I worked at Borders on and off for 10 years. Now that they are out of business, I often wonder what I'd have to do when writing a resume. What address and phone ... for contact? How long will they keep the records of my being there? I'll be watching this question.

Why you need to outsource your bookkeeping ?

Description : Why you need to outsource your bookkeeping ?

Last Answer : Many small businesses, start-ups, and entrepreneurs find it challenging to hire an accountant. Especially with the right skills to prepare their company's financial statements, manage bank account ... Saves You MoneySaving money is arguably the number one reason why you should outsource your s

Bookkeeping is necessary only for organizing with profit objectives.

Description : Bookkeeping is necessary only for organizing with profit objectives.

Last Answer : State whether the following statement are true or false with reason : Bookkeeping is necessary only for organizing with profit objectives.

What is an informal bookkeeping system?

Description : What is an informal bookkeeping system?

Last Answer : By definition a "system" implies that it is formal. I suppose itmay be informal if it never audited. However it would be a much useas a chocolate teapot.

How to develop a good accounting bookkeeping system?

Description : How to develop a good accounting bookkeeping system?

Last Answer : For a brand new business, one of the most important aspects toensure financial success is for the business to be able toaccurately and effectively manage their finances. In order tomanage their ... Access, you could fairly easilydevelop your own system. This could further be beneficial to youbeca

What is a typical hourly rate for a professional bookkeeping service?

Description : What is a typical hourly rate for a professional bookkeeping service?

Last Answer : A professional bookkeeping service can be as cheap $20.00/hr but can be as expensive as $50.00/hr depending on where you may live. On average the hourly for bookkeeping rate is $52/hr. I also was able to find one for $25/hr. Thank you.

Do I need to take a bookkeeping class for an Accounting Degree?

Description : Do I need to take a bookkeeping class for an Accounting Degree?

Last Answer : You'll need to learn bookkeeping for an accounting degree. However, your school might include that coursework in a differently named class or program, so you might not take "Bookkeeping 101," for example.

Can a person attend an online bookkeeping class?

Description : Can a person attend an online bookkeeping class?

Last Answer : Yes, there are many bookkeeping classes available online, and some are even free! You can go to bookkeeping-course.com/ for one of many free courses.

What are the certification requirements for bookkeeping?

Description : What are the certification requirements for bookkeeping?

Last Answer : An accounting certificate is always very helpful for obtaining a bookkeeping job. You do not need a 4-year degree in most cases, so look to community college and online college certification programs which are typically less expensive and do not require lengthy study times.

How can I apply for bookkeeping courses?

Description : How can I apply for bookkeeping courses?

Last Answer : You can enroll for bookkeeping courses through training programs or local colleges. There are even some colleges that offer basic accounting skills online.

Is there any bookkeeping classes that one can take on-line?

Description : Is there any bookkeeping classes that one can take on-line?

Last Answer : There are bookkeeping classes available online. Simply visit pennfoster.edu for a list of available courses and see which fit your needs and schedule the best.

A violation of the ethical standards would most likely have occurred when a CPA a. Made arrangement with a bank to collect notes issued by a client in payment of fees due. b. Joined an accounting firm made up of three non-CPA practitioners. c. Issued an unqualified opinion on the 2006 financial statements when fees for the 2005 audit were unpaid. d. Purchased a bookkeeping firm's practice of monthly write-ups for a percentage of fees received over a three-year period

Description : A violation of the ethical standards would most likely have occurred when a CPA a. Made arrangement with a bank to collect notes issued by a client in payment of fees due. b. Joined an ... bookkeeping firm's practice of monthly write-ups for a percentage of fees received over a three-year period

Last Answer : Issued an unqualified opinion on the 2006 financial statements when fees for the 2005 audit were unpaid

Under the Code of Ethics, a CPA may not: a. Perform bookkeeping services for an audit client. b. Perform advisory services for an audit client. c. Have any direct financial interest in a client during the period covered by the financial statements. d. Having any joint, closely held investments with a principal stockholder of an audit client during the period of audit engagement which is not material in relation to his ne

Description : Under the Code of Ethics, a CPA may not: a. Perform bookkeeping services for an audit client. b. Perform advisory services for an audit client. c. Have any direct financial interest in a client ... of an audit client during the period of audit engagement which is not material in relation to his ne

Last Answer : Have any direct financial interest in a client during the period covered by the financial statements.

A violation of the ethical standards would most likely have occurred when a CPA a. Made arrangement with a bank to collect notes issued by a client in payment of fees due. b. Joined an accounting firm made up of three non-CPA practitioners. c. Issued an unqualified opinion on the 2010 financial statements when fees for the 2009 audit were unpaid. d. Purchased a bookkeeping firm's practice of monthly write-ups for a percentage of fees received over a three-year period.

Description : A violation of the ethical standards would most likely have occurred when a CPA a. Made arrangement with a bank to collect notes issued by a client in payment of fees due. b. Joined an accounting ... firm's practice of monthly write-ups for a percentage of fees received over a three-year period.

Last Answer : Issued an unqualified opinion on the 2010 financial statements when fees for the 2009 audit were unpaid

A sales representative from a software company shows an accounting firm that a new software package can perform bookkeeping tasks that the firm's present package cannot. The accounting firm is most likely in which stage of the organisational buying decision process? A)problem recognition B)product specification C)product supplier search D)product selection

Description : A sales representative from a software company shows an accounting firm that a new software package can perform bookkeeping tasks that the firm's present package cannot. The accounting firm ... ? A)problem recognition B)product specification C)product supplier search D)product selection

Last Answer : A)problem recognition

a tester, what is your main objective in reviewing a requirement document? A. To ascertain that each requirement is traceable to a business need B. To ascertain that each requirement is both testable and uniquely identifiable C. To ascertain that each requirement is traceable to a business need, testable, and uniquely identifiable D. To ascertain that each requirement is uniquely identifiable

Description : a tester, what is your main objective in reviewing a requirement document? A. To ascertain that each requirement is traceable to a business need B. To ascertain that each ... business need, testable, and uniquely identifiable D. To ascertain that each requirement is uniquely identifiable

Last Answer : C. To ascertain that each requirement is traceable to a business need, testable, and uniquely identifiable

As a tester, what is your main objective in reviewing a requirement document? A. To ascertain that each requirement is traceable to a business need B. To ascertain that each requirement is both testable and uniquely identifiable C. To ascertain that each requirement is traceable to a business need, testable, and uniquely identifiable D. To ascertain that each requirement is uniquely identifiable

Description : As a tester, what is your main objective in reviewing a requirement document? A. To ascertain that each requirement is traceable to a business need B. To ascertain that each ... business need, testable, and uniquely identifiable D. To ascertain that each requirement is uniquely identifiable

Last Answer : B. Test objective

Every business organization needs a secretary having a knowledge of recording ___________ transactions. 

Description : Every business organization needs a secretary having a knowledge of recording ___________ transactions. 

Last Answer : Every business organization needs a secretary having a knowledge of recording ___________ transactions. (a) financial (b) private (c) illegal

20) Use Accounting Equation to show the effect of the following transactions of Ram Traders.a) Started business with cash ₹ 1,00,000.b) Bought goods for cash \( ₹ 20,000 \).c) Cash sales ₹ \( 60,000 . \)

Description : 20) Use Accounting Equation to show the effect of the following transactions of Ram Traders.a) Started business with cash ₹ 1,00,000.b) Bought goods for cash \( ₹ 20,000 \).c) Cash sales ₹ \( 60,000 . \)

Last Answer : 20) Use Accounting Equation to show the effect of the following transactions of Ram Traders. a) Started ... 000 . c) Cash sales ₹ 60,000 .

(i) Rules of conduct are accepted universally to record business transactions.

Description : (i) Rules of conduct are accepted universally to record business transactions.

Last Answer : Give the word term or phrase which can substitute each of the following statement : (i) ... transactions are only recorded in the books of accounts

Which information system answers routine questions about business transactions?

Description : Which information system answers routine questions about business transactions?

Last Answer : transaction processing system