Answers for the Final Exam of BBK99E1 Basic Bookkeeping Level 1: Practical Exam
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BBK99E1 Basic Bookk
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BBK99E1 Basic Bookk
Answers for the Final Exam of BBK99E1 Basic
Bookkeeping Level 1: Practical Exam
The following is the name of a schedule that includes every account
required to create financial statements: - The General Ledger
should be your CORRECT response.
Rearranging journal entries and classifying the...
Answers for the Final Exam of BBK99E1 Basic
Bookkeeping Level 1: Practical Exam
The following is the name of a schedule that includes every account
required to create financial statements: - The General Ledger
should be your CORRECT response.
Rearranging journal entries and classifying them according to
account means that: - you should be posting to the ledger with your
CORRECT answer.
A listing of the names of the accounts that a company has identified and made
available for recording transactions in its general ledger is known as a: - your
CORRECT ANSWER should be Chart of Accounts
To find the balance of the account types that increase with a debit (asset and
expense accounts), bookkeepers will: - your CORRECT ANSWER should be
Subtract total credits from total debits (Debits - Credits)
The accounting cycle starts with the: - your CORRECT ANSWER should be
Analysis of business transactions
After analysis, the business transaction is recorded in the journal in: - your
CORRECT ANSWER should be Chronological order
, A form or statement that lists the titles and balances of all ledger accounts at a
given date is known as: - your CORRECT ANSWER should be Trial balance
Sydney is entering a transaction in QuickBooks. What are the two steps of
manual accounting that will happen simultaneously as she does this? - your
CORRECT ANSWER should be Creating a journal entry and posting to the
ledger
The digits of the account numbers assigned to general ledger accounts often
have significance. For example, an account number beginning with a "1" might
signify that the account is an asset account, a "6" might signify an operating
expense, etc. - your CORRECT ANSWER should be True
A trial balance where total debits equal total credits indicates: - your CORRECT
ANSWER should be The ledger is in balance
Zach needs to determine what his company's financial position was on March
31st of last year. Which of the following would be the best report to look at? -
your CORRECT ANSWER should be Balance sheet.
Which of the following financial statements reports the sources and uses of cash
by a business? - your CORRECT ANSWER should be Statement of Cash Flow
Which of the following lists general ledger account balances at the end of a
reporting period, before any adjusting entries are made? - your CORRECT
ANSWER should be Unadjusted Trial Balance
A trial balance that is prepared after taking into account all the adjusting entries
is known as: - your CORRECT ANSWER should be Adjusted Trial Balance
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