Introduction To Book Keeping - JSS1 Business studies Past Questions and Answers - page 1
What is bookkeeping?
Recording and organizing financial transactions
Marketing strategy
Human resource management
Product development
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Why is bookkeeping important for businesses?
To monitor financial health
To enhance customer service
To improve employee morale
To boost production efficiency
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Which of the following is an essential quality of bookkeeping?
Creativity
Accuracy
Risk-taking
Flexibility
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What role does consistency play in bookkeeping?
Ensuring precise records
Enhancing innovation
Boosting sales
Reducing costs
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What is the primary purpose of double-entry bookkeeping?
Ensuring debits equal credits
Maximizing profits
Minimizing expenses
Expanding market share
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Which financial statement summarizes a company's financial position at a specific point in time?
Income statement
Balance sheet
Cash flow statement
Statement of changes in equity
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What is reconciliation in bookkeeping?
Matching financial records with bank statements
Setting financial goals
Conducting employee performance reviews
Developing marketing strategies
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What software do many businesses use to streamline bookkeeping processes?
Accounting software
Social media platforms
Project management tools
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What role does timeliness play in bookkeeping?
Ensuring up-to-date financial information
Reducing customer complaints
Enhancing brand reputation
Increasing market share
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What is the main purpose of recording transactions in journals?
To monitor employee performance
To maintain customer relationships
To record financial transactions
To plan marketing campaigns
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