The Importance of Keeping Accounts (Junior Cert Business Studies): Quizzes
📚Quizzes
Practise the questions
11 questions from this quiz
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Practise the questions
11 questions from this quiz
What is an accountant responsible for in a business?
What is an accountant responsible for in a business?
Recording & managing financial info
What is another term for accounting?
What is another term for accounting?
Bookkeeping
Why do businesses track how much money customers owe them?
Why do businesses track how much money customers owe them?
For financial monitoring & control
Which type of company must maintain proper accounting records by law?
Which type of company must maintain proper accounting records by law?
Limited companies
What do accurate business accounts help to complete for Revenue?
What do accurate business accounts help to complete for Revenue?
Tax returns
What do business accounts help establish about performance during a period?
What do business accounts help establish about performance during a period?
Whether profit made or loss suffered
Why do businesses track how much they owe to suppliers?
Why do businesses track how much they owe to suppliers?
For financial monitoring & control
What is double-entry bookkeeping?
What is double-entry bookkeeping?
Recording both parts of every transaction
What does the debit side (Dr) of an account record?
What does the debit side (Dr) of an account record?
What the business receives
What does the credit side (Cr) of an account record?
What does the credit side (Cr) of an account record?
What the business gives
When a bakery buys a van for cash, where is the van recorded?
When a bakery buys a van for cash, where is the van recorded?
Debit side of vehicles account