Forum 3: Bookkeeping

Answer the questions properly with your own words!

1.  Have you ever done any bookkeeping? Where?

2.  Why do you think bookkeepers are not as respected as chartered / certified accountants?

3.  Can you think of anything which accountants do, that bookkeepers can't?

Find the definitions of the words below?

1. a daybook

2. a double-entry bookkeeping

3. nominal code

4. single entry bookkeeping

5. T-accounts

Answer

1. Have you ever done any bookkeeping? Where?

Answer : Yes, I have  Because it is part of my responsibility to accept payments from vendors or
staff and input all payment transactions to Sunsystem.

2. Why do you think bookkeepers are not as respected as chartered / certified accountants?

Answer :  I think  bookkeepers in a business is basically the recording of financial transactions

& The minimum level of education that a bookkeeper must have is a high school or with a
minimum of 2 years of work experience in the related field. This is different from accountants
who at least must have a bachelor's degree in accounting or economics and take several training
and qualification tests.

3. Can you think of anything which accountants do, that bookkeepers can't?

Answer :  I think, bookkeepers provide data sources and record. but Accountants create reports
from the financial transactions,  analyze the data managed by bookkeepers.
 Definitions : 

 A day book is a daily written record of transactions.

 Double entry bookkeeping means that for every financial transaction that occurs, the
accountant must record it in a journal with two different sides : Debit & Credit. The total
amount of debits must equal the number of credits.

 Nominal codes are the codes that are used in the chart of accounts to record income and
expense.

 Single Entry : recording of financial transactions that are only carried out once. What is
recorded in the single entry method is only a list of transactions that affect the cash
account. Single Entry is an accounting system used to keep track of a business’s finances.
There is one entry per transaction and most entries record either incoming or outgoing
funds

  T-account is an informal term for a set of financial records that use double-entry
bookkeeping.

Thank you Ma'am

Putri Rachel (43219110017)

1.  Have you ever done any bookkeeping? Where?

Bookkeeping is a very solitary job with many hours spent alone with a spreadsheet and
calculator. Based on my experiences, I would say that a bookkeeper is responsible for supporting
accountants by helping them complete standard accounting work like entering data, balancing
financial statements and organizing financial records. I find that bookkeepers and accountants
also help one another maintain the accuracy of their work by checking over financial statements
and other items of importance.

2. Why do you think bookkeepers are not as respected as chartered / certified accountants?

In my opinion, because bookkeepers aren’t required to have any formal education. To be

successful in their work, bookkeepers need to be sticklers for accuracy, and knowledgeable about
key financial topics. 

3. Can you think of anything which accountants do, that bookkeepers can't?

Bookkeepers and accountants sometimes do the same work, but have a different skill set. In
general, a bookkeeper's role is to record transactions and keep you financially organized, while
accountants provide consultation, analysis, and are more qualified to advise on tax matters.
Find the definitions of the words below?

1. a day book : is a daily written record of transactions

2. a double-entry bookkeeping : is a system of book keeping where every entry to an
account requires a corresponding and opposite entry to a different account. The double-
entry system has two equal and corresponding sides known as debit and credit.
3. nominal code : are the codes that are used in the chart of accounts to record income and
expenditure.
4. single entry bookkeeping : is an accounting system used to keep track of a business's
finances. There is one entry per transaction and most entries record.
5.  T-account : is an informal term for a set of financial records that use double-entry
bookkeeping.

Thank you,

Novia Laksmita (43219110129)