Study Questions for Chapter Two

1. Identifying refers to ascertaining the …………….. of a business entity.

2. Recording refers to ………… financial transactions systematically or chronologically in ……... and ………..

3. The different classes of accounts are ……….., ………., …………, …………, and ………..

4. Summarising refers to the task of ………… amalgamated accounts into …………

5. Communicating refers to the process of making financial reports available to ………… through physical and online means.

6. A business stakeholder or user is someone or an institution that is …………. in a company’s …………..

7. Accounting information is ………… because it cannot reveal the perception of competitors about the reporting entity.

8. The Journal is one of the most …….... books of original entry.

9. The bookkeeper records goods returned to vendors in which book of original entry?

10. In which book of original entry does the bookkeeper record goods returned from customers?