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
Why is bookkeeping important for businesses?
To monitor financial health
To enhance customer service
To improve employee morale
To boost production efficiency
Which of the following is an essential quality of bookkeeping?
Creativity
Accuracy
Risk-taking
Flexibility
What role does consistency play in bookkeeping?
Ensuring precise records
Enhancing innovation
Boosting sales
Reducing costs
What is the primary purpose of double-entry bookkeeping?
Ensuring debits equal credits
Maximizing profits
Minimizing expenses
Expanding market share
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
What is reconciliation in bookkeeping?
Matching financial records with bank statements
Setting financial goals
Conducting employee performance reviews
Developing marketing strategies
What software do many businesses use to streamline bookkeeping processes?
Accounting software
Social media platforms
Project management tools
What role does timeliness play in bookkeeping?
Ensuring up-to-date financial information
Reducing customer complaints
Enhancing brand reputation
Increasing market share
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