BBK99E1 Basic Bookkeeping Level 1 Final EXAM
2026/2027 UPDATE / QUESTIONS AND CORRECT
VERIFIED ANSWERS (complete solutions) ASSURED Pass
| GRADED A+!!
GST - CORRECT ANSWER-Goods and Services Tax, a value-added tax levied by
the federal government.
Invoice - CORRECT ANSWER-A commercial document that itemizes a
transaction between a buyer and a seller.
Final Exam - CORRECT ANSWER-The last examination in the bookkeeping
course with a total of 100 marks available.
Practical Exam - CORRECT ANSWER-Part 1 of the Final Exam, where entries in
Journals, Ledgers, and Trial Balance are made.
Journals - CORRECT ANSWER-Books of original entry where financial
transactions are first recorded.
Trial Balance - CORRECT ANSWER-A statement of all the closing balances of
ledger accounts to ensure the debits and credits are equal.
,Accounts Receivable Ledger - CORRECT ANSWER-A subsidiary ledger that
records all sales made on credit.
Accounts Payable Ledger - CORRECT ANSWER-A subsidiary ledger that records
all purchases made on credit.
PST - CORRECT ANSWER-Provincial Sales Tax, a retail sales tax levied by the
provinces.
Ledgers - CORRECT ANSWER-Books that contain summarized and classified
data from the Journals.
Online Exam - CORRECT ANSWER-Part 2 of the Final Exam, a computer-based
test with 50 multiple choice and/or True or False questions.
Terms - CORRECT ANSWER-The conditions under which a sales transaction
takes place, often specifying discounts and credit periods.
Subtotal - CORRECT ANSWER-The total of a subset of numbers, often used to
calculate taxes or discounts.
Bank Charges - CORRECT ANSWER-Fees charged by a bank for the use of their
services.
, Interest - CORRECT ANSWER-The cost of borrowing money, usually calculated
as a percentage of the principal.
EI - CORRECT ANSWER-Employment Insurance, a federal program that
provides temporary financial assistance to unemployed workers.
Health Care - CORRECT ANSWER-The amount deducted from an employee's
salary for health care benefits.
Bank Loan - CORRECT ANSWER-A sum of money borrowed from a financial
institution to be paid back with interest.
Employer's Payroll Deductions - CORRECT ANSWER-The amount withheld from
an employee's salary by the employer for taxes and other obligations.
CPP - CORRECT ANSWER-Canada Pension Plan, a contributory, earnings-
related social insurance program.
Bank Account - CORRECT ANSWER-A financial account maintained by a bank
for a customer.
2026/2027 UPDATE / QUESTIONS AND CORRECT
VERIFIED ANSWERS (complete solutions) ASSURED Pass
| GRADED A+!!
GST - CORRECT ANSWER-Goods and Services Tax, a value-added tax levied by
the federal government.
Invoice - CORRECT ANSWER-A commercial document that itemizes a
transaction between a buyer and a seller.
Final Exam - CORRECT ANSWER-The last examination in the bookkeeping
course with a total of 100 marks available.
Practical Exam - CORRECT ANSWER-Part 1 of the Final Exam, where entries in
Journals, Ledgers, and Trial Balance are made.
Journals - CORRECT ANSWER-Books of original entry where financial
transactions are first recorded.
Trial Balance - CORRECT ANSWER-A statement of all the closing balances of
ledger accounts to ensure the debits and credits are equal.
,Accounts Receivable Ledger - CORRECT ANSWER-A subsidiary ledger that
records all sales made on credit.
Accounts Payable Ledger - CORRECT ANSWER-A subsidiary ledger that records
all purchases made on credit.
PST - CORRECT ANSWER-Provincial Sales Tax, a retail sales tax levied by the
provinces.
Ledgers - CORRECT ANSWER-Books that contain summarized and classified
data from the Journals.
Online Exam - CORRECT ANSWER-Part 2 of the Final Exam, a computer-based
test with 50 multiple choice and/or True or False questions.
Terms - CORRECT ANSWER-The conditions under which a sales transaction
takes place, often specifying discounts and credit periods.
Subtotal - CORRECT ANSWER-The total of a subset of numbers, often used to
calculate taxes or discounts.
Bank Charges - CORRECT ANSWER-Fees charged by a bank for the use of their
services.
, Interest - CORRECT ANSWER-The cost of borrowing money, usually calculated
as a percentage of the principal.
EI - CORRECT ANSWER-Employment Insurance, a federal program that
provides temporary financial assistance to unemployed workers.
Health Care - CORRECT ANSWER-The amount deducted from an employee's
salary for health care benefits.
Bank Loan - CORRECT ANSWER-A sum of money borrowed from a financial
institution to be paid back with interest.
Employer's Payroll Deductions - CORRECT ANSWER-The amount withheld from
an employee's salary by the employer for taxes and other obligations.
CPP - CORRECT ANSWER-Canada Pension Plan, a contributory, earnings-
related social insurance program.
Bank Account - CORRECT ANSWER-A financial account maintained by a bank
for a customer.
