Bookkeeping Self Assessment

Try to self-assess your present skill level and understanding of modern office procedures, by answering these questions to yourself.

• In today’s modern computerised admin office, what is meant by data ??
• And what is data entry ??
• What is meant by the term “bill” & by “invoice” ??
• What does a data entry clerk do ??
• What might be meant by “coding a bill” or “coding an invoice” ??
• Who is responsible for this coding ??
• What could be the result if these documents are wrongly coded ??
• What does GIGO stand for ??
• What is the universal mechanised processes used today for data entry ??
• What are some popular software programmes used in Australia today ??
• What does “in the cloud” mean ??
• What was the process used in previous times before computers ??
• What is the purpose of a cash book ??
• What is the purpose of a ledger ??
• What is meant by the General Ledger, Debtors Ledger, Creditors ledger ??
• What use is made of the data “posted” to these ledgers ???
• What is a customer and what is supplier ??
• What does Accounts Receivable mean ??
• What does Accounts Payable mean ??
• What is the difference between a “current” and a “fixed” assets ??
• Name some types of current assets
• Name some types of fixed (long term) assets
• What is the difference between a “current” and a “long term” liability ??
• Name some types of current liability
• Name some types of long term) liabilities
• What does depreciation mean ??
• What is the significance of depreciation ??
• What does capital mean ??
• What is a capital expense ??
• What is meant by liquidity and being liquid ??
• What does insolvent mean ??
• How would you decide if a business venture was insolvent ??
• What is a Profit and Loss (P&L) A/c ??
• What is a Balance Sheet ??
• What is the difference between the two.
• What is the difference between Income & Expenditure A/c & P&L A/c ??
• What is a trial balance ??
• What is gross profit compared to trading profit ??
• What is nett profit ??
• What does taxable profit mean ??
• What is the significance of gross profit percentage ??
• Explain what benchmarking means ??
• What is the benefit of departmentalised accounting ??
• What is an inventory ??
• What skills does a paymaster need to have ??
• What are the benefits when employees complete a detailed timesheet ??
• What does a liquidator do ??
• What does a receiver do ??
• What is the difference between a Bookkeeper and a Clerk ??
• What is the difference between a Bookkeeper and an Accountant ??
• What is a public accountant compared to a commercial accountant ??
• What does a cost accountant do ??
• What can be the multi-roles that a person in a one-person office plays ??