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Review questions
- What are the key steps in the bookkeeping process for a small business operation?
- Describe the process of entering transactions into a journal, what is the importance of accuracy in the process and why?
- How would you define the term ‘financial records’, what financial records are normally kept by a small business?
- How would you define the term ‘bookkeeping’ and what is its relationship to ‘accounting’?
- What are the key principles of bookkeeping?
- What is a source document?
- What are five examples of source documents frequently used in a small business operation?
- Explain the terms transaction, journal, ledger, posting and debtors.
- What is the difference between a cash and a credit transaction?
- What information do you need to record a financial transaction
efficiently?
- When might you need to report financial discrepancies to your supervisor?
- What would you do if you found a discrepancy in a financial source document?
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