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REVIEW I
I.Decide whether the following statements are true (T) or false (F) according to the text
BOOKKEEPING RECORDS (UNIT 5) only.
1. Liabilities are debts owned by creditors. T
2. Accounts receivable are part of asset accounts. T
3.OE is used for capital. T
4.Expense accounts are increased and decreased in the same way as asset accounts. F
5.Other liabilities include the claims against customers that owe money. F
6. The cash account is an expense. F
7. Proprietorship accounts are like asset accounts. F
8. Accounts payable and receivable designate asset accounts. F
9.Cash disbursements belong to books of original entry. T
10.The balance of each account is recorded following the monthly posting and the addition of
debits and credits. T
II. MATCH the following terms (1-15) with their definitions (A-O):
1.Business as an accounting entity 2. Objective evidence 3.Accounting period 4. Money
as a unit of measure 5.Consistency 6. Comparability 7. Decision-making base 8.Doubleentry bookkeeping 9. Vouchers 10. Invoices 11.Cash disbursements 12. Cash receipts
13.Single-entry method 14. Double-entry and single-entry 15.Accounting concepts
1.Business as an accounting
entity
2. Objective evidence
3.Accounting period
4. Money as a unit of measure
5.Consistency
6. Comparability
7. Decision-making base
8.Double-entry bookkeeping
9. Vouchers
10. Invoices
11.Cash disbursements
12. Cash receipts
13.Single-entry method
14. Double-entry and singleentry
15.Accounting concepts
K. Legal entity
J. Verifiable evidence
I. A kind of business calendar
L.Assumption used as a unit of measure for reporting
transactions
G. The same system used in recording financial data
M. Differences among data issued to management,
government and the public.
A. The accounting system provides the basis for arriving at
decisions
H. Every transaction has a twofold effect
C. Bills received for merchandise and services
D. Itemised statement of merchandise sold to customers
E. Payments made
F. Payments received
O. Records of cash, accounts receivable and accounts
payable
N. The two basic bookkeeping systems.
B. The general guide to accountancy