AY Honors/Bookkeeping/Answer Key
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< AY Honors | BookkeepingAY Honors/Bookkeeping/Answer Key /
Bookkeeping
1. What is the difference between bookkeeping and accounting?
2. Define the following terms:
a. Asset
b. Liability
c. Credit
d. Debit
e. Posting
f. Trial balance
g. Voucher
h. Invoice
i. Interest
3. What is the difference between double-entry bookkeeping and single-entry bookkeeping?
4. What education is necessary to be a bookkeeper? What other education is helpful to a bookkeeping career?
6. Conduct an interview with your church treasurer, asking the following questions:
- a. How much time do you spend each week at your job as church treasurer?
- b. What do you do with the money collected in the offering plates?
- c. How do you keep track of who contributed how much money?
- d. What money is sent to the conference?
- e. What money is kept in our local church?
- f. Are your records ever reviewed by an accountant? How often?
- g. How do you report the church finances to the church board?
- h. How do you report the church finances to the conference?
