Weekly Questions: Double-Entry Bookkeeping I (Transactions as They Come)

Q1: What is a firm’s ledger?

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Q2: What are subsidiary ledgers?

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Q3: What is a chart of accounts?

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Q4: What are ‘internal controls’ in a business and how can using subsidiary ledgers support the ‘internal controls’ in a business?

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Q5: Are items of revenue and expenses in our firm’s Income statement inclusive or exclusive of GST?

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Q6: What is the benefit of having accounts for GST separate to our firm’s revenue and expenses accounts?

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Q7: Are items of assets and liabilities in our firm’s Balance sheet inclusive or exclusive of GST? What common exception is there to this?

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Q8: What are specialised journals?

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Q9: What is a bank reconciliation?

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Q10: View this video on bank reconciliations using Xero. How do we complete bank reconciliations using a cloud-based accounting system such as Xero?

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Q11: What is depreciation?

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