JSS 1 Business Studies Flashcards: Meaning, Importance and Practices of Book-keeping

Question 1

A trader records every sale, purchase, receipt and payment in an orderly way. Name this business practice.

Accepted Answer

bookkeeping

Question 2

After paying cash for supplies, which evidence should the buyer collect? Choose from: receipt, catalogue, memo, or price list.

Accepted Answer

receipt

Question 3

Goods worth ₦45,000 are supplied now and payment is due later. Name the document showing the goods and amount owed.

Accepted Answer

invoice

Question 4

Writing ₦15,000 exactly as ₦15,000, with the correct date and name, demonstrates ____.

Accepted Answer

accuracy

Question 5

A bookkeeper records a loss instead of hiding it from the owner. Identify the quality shown.

Accepted Answer

honesty

Question 6

Payroll figures are not discussed with unauthorised friends. This protects ____.

Accepted Answer

confidentiality

Question 7

Using the same approved method to record similar transactions each month ensures ____.

Accepted Answer

consistency

Question 8

Receipts from Monday are entered on Monday rather than weeks later. This practice shows ____.

Accepted Answer

timeliness

Question 9

Separating rent, sales and transport entries into their proper accounts is called ____.

Accepted Answer

classification

Question 10

The cash book shows ₦80,000, but the bank record differs. Comparing both records is ____.

Accepted Answer

reconciliation

Question 11

An auditor follows an invoice from the file to the journal and then the ledger. This traceable path is the ____.

Accepted Answer

audit trail

Question 12

At month-end, the owner uses records to compare revenue with expenses. What purpose of bookkeeping is being served?

Accepted Answer

profit measurement

Question 13

Sales records show that cold drinks sell fastest at lunchtime, so more are stocked. This use of records supports ____.

Accepted Answer

decision-making

Question 14

A missing receipt leads the owner to investigate an unexplained payment. This illustrates bookkeeping's role in ____.

Accepted Answer

fraud detection

Question 15

For a small table of daily sales with automatic totals, the practical digital tool is a ____.

Accepted Answer

spreadsheet

Question 16

QuickBooks, Xero and Zoho Books are examples of ____.

Accepted Answer

accounting software

Question 17

A computer fails, but the records are restored from another copy. Name that copy.

Accepted Answer

backup

Question 18

Only the owner and bookkeeper can open the accounts file. This security measure is ____.

Accepted Answer

access control

Question 19

A petty-cash total needs to be checked quickly. Name the simple arithmetic tool to use.

Accepted Answer

calculator

Question 20

Before recording a purchase, the bookkeeper examines the original invoice. In bookkeeping, that invoice is a ____.

Accepted Answer

source document

Strong work.