Subject Entrepreneurship Grade Level 12

Quarter 1st Section

Learning Competencies - Perform key Code CS_EP11/12BENTREP-
bookkeeping tasks IVa-i-3

I. Write True if the statement is correct. Otherwise write False and state your reason briefly.

_________1. The term bookkeeping refers to the act of keeping safe or safeguarding the books of the
business.

_________________________________________________________________________

_________2. The books of the business used in the recording process include the journal, ledger,
minutes book, and visitors book.

_____________________________________________________________________________

_________3. Business transactions may either be recorded first in the journal or the ledger depending

on the adopted accounting policy of the business.

_____________________________________________________________________________

_________4. The recording of business transactions involves the use of the account titles.

_____________________________________________________________________________

_________5. A charge invoice is a business document that serves as evidence of sale of goods on a cash
basis.

_____________________________________________________________________________

_________6. In all instances under the double-entry bookkeeping, the value received is always equal to
the value parted with.

_____________________________________________________________________________

_________7. When recording the value parted with in the two-column general journal, the account title
is intended from the debit.

_____________________________________________________________________________

_________8. The process of transferring the information from the ledger to the journal is called posting.

_____________________________________________________________________________

_________9. The business transactions ate normally classified or grouped at the end of the day

_____________________________________________________________________________

_________10. After posting all the entries, the next bookkeeping process is the preparation of the
financial statements.

_____________________________________________________________________________
II. Do the following tasks in a separate sheet.

1. Define bookkeeping

2. Differentiate a journal from a ledger.

3. Identify commonly used business documents used to record business transactions.

4. Explain when to use the business documents such as the charge invoice and official receipt.

5. State the purpose for preparing a trial balance.