Malinao Andrey Nicole B.

Bachelor of science in Accountancy (BSA)

Activity 11

Answer the following:

1. Discuss the tasks or functions of a bookkeeper.

The process of daily documenting of a business' financial transactions is known

as bookkeeping, which is a subset of accounting. Purchases and sales, revenue

and expense, payments, and other transactions are all examples of transactions.

This individual is the person who is in charge of the aforementioned procedure,

which is bookkeeping, is referred to as the bookkeeper. The process of registering

financial transactions and reporting debits is two of its key responsibilities.

General ledgers, debits and credits, invoice production, subsidiary maintenance

and balancing and accounting, as well as payroll completion Business

transactions were coded by a bookkeeper. A journal, either general or

specialized, such as a journal for cash disbursements, a journal for sales, and so

on. Journal of money receipts, A bookkeeper can use a manual periodic system

to complete the task. Posting transactions from the journal to the general ledger

is a process.
2. Explain the meaning and purpose of the balance sheet

A balance sheet, often known as a statement of financial status, is a financial

statement that contains accounting information. Required by a business while

making economic decisions with the goal of assisting the firm in achieving its

objectives. Investigate the company's liquidity, solvency, and profitability. It's a list

of the company's assets, liabilities, and equity a specific day It specifies what a

company owns and/or controls, as well as the company's assets and liabilities

responsibilities, and the owner's claims against the business or company's assets

It's true. Double-entry accounting is based on the principle that each side equals

the other. The Assets = Liabilities + Equity is the core and/or essential equation

of a balance sheet. The company's assets include cash, supplies, equipment,

land, receivables, and more and controls; while liabilities, like as accounts

payable, notes payables, and so on, are what the company is responsible for

where the equity consists of what the company owes or the business's current

obligations and where the debt consists of what the company owes or the

company's current liabilities and where the equity consists of what claims on the

company's assets by the owners.