What are the two main methods of bookkeeping? What is the closing balance? What document is issued if goods are invoiced but not received? How many columns are in a standard three-column cash book?

Here are the answers to your questions:

QUESTION 5
The two main methods or types of bookkeeping are Single Entry and Double Entry.

• B. Single Entry and Double Entry

QUESTION 6
The exact amount of cash available in the business at a particular time is shown by the closing balance, which is the last figure in the balance column (or the cash/bank column where the balance is recorded).

• A. Last figure in the balance column.

QUESTION 7
If a retailer reports that goods ordered were not received but were invoiced, the supplier will issue a credit note to reduce the amount owed by the retailer.

• A. Retailer asks for a credit note.

QUESTION 8
A standard three-column cash book, which is the most comprehensive type, typically has 7 distinct columns on each side: Date, Particulars, Voucher No., Ledger Folio (L.F.), Discount, Cash, and Bank.

• D. 7