Exam (elaborations)
BOOKKEEPING TEST GUIDE QUESTIONS WITH CORRECT ANSWERS
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BOOKKEEPING TEST GUIDE
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BOOKKEEPING TEST GUIDEBusiness Transaction - answerAlso known as financial transaction, a event that mis be
measurable in terms of money
Journal Entry - answerEach transaction is recorded by making a....
Business transaction - answerIs any event that affects the financial position of business
and can be recorded reliably. EXCHANGES OF EQUAL MONETARY VALUES
1. It must be for a sum certain of money
2. Must be supported by documents
3. Must have two fold effect in elements - answerWhat are characteristics of business
transactions
Expenses and withdrawals - answerDECREASE IN CAPITAL
Investments and revenues - answerINCREASE IN CAPITAL
debt - answerIt is the value recieved
Credit - answerIt is value parted with
ASSETS - answerCash, Machinaries , Supplies
Liability - answeraccounts payable
Increase - answerIf recieve, purchased in account, invested, borrow
Decrease - answerPaid, purchase with cash
Decrease in another form of asset - answerRecieved services on account
Theory of debit and credit - answerRefers how the effects of a transaction on the
accounting elements are treated
Account - answerIs a accounting device use to summarize the increase and decrease in
the asset
T Account - answerA simple form account look like t is called
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