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Bookkeeping Basics Part 10 Exam Questions With Solutions 100% Correct
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Bookkeeping Basics Part 10 Exam Questions With Solutions 100% Correct Anything a business owns of value, or a resource of value, that has the potential to be transformed into cash. Asset The list of all of the accounts and sub-accounts used to categorize transactions. Chart of accounts The ...

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  • September 15, 2024
  • 10
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • bookkeeping basics part 10 exam questions
  • with solutions 100 correct

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  • ASB BOOKKEEPING
  • ASB BOOKKEEPING

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Bookkeeping Basics Part 10 Exam Questions
With Solutions 100% Correct

Anything a business owns of value, or a resource of value, that has the potential to be

transformed into cash. Asset




The list of all of the accounts and sub-accounts used to categorize transactions. Chart of

accounts




The report covering the sources and uses of cash by a business. Statement of cashflows




The financial statement that reports a business's assets, liabilities, and equity at a specific point in

time. Balance sheet




When Craig, the owner of a landscaping business, buys equipment, the purchase appears as a

debit on his business's balance sheet. What does this mean? A debit is an increase in assets

or expenses or a decrease in liabilities, owner's equity or revenue.

, Bookkeeping Basics Part 10 Exam Questions
With Solutions 100% Correct
When Craig sells mulch, the sales revenue appears as credit on his business's books. What does

this mean? A credit is a decrease in assets or expenses or an increase in liabilities, owner's

equity or revenue.




Craig considers the investment in the business he owns as equity. What does this mean?

Equity is an owner's stake in the company, how much the owner has invested into the

business or withdrawn from the business over time.




Income earned through business, gross proceeds or sales. Revenue




Costs associated with the action of running a business. Expenses




Money a business owes to others. Liability




The report that shows a business's revenues and expenses during a particular period.

Income statement

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