BBK99E1 BASIC BOOKKEEPING LEVEL 1 FINAL
EXAM PRACTICAL ANSWERS 2026 COMPLETE
STUDY GUIDE
◉ ASSETS. Answer: Things of value, owned by the business.
E.g. Cash, buildings, equipment, mapper handles for sale.
◉ BALANCE SHEET. Answer: Statement f assets, liabilities and
owner's equity.
◉ BOOKKEEPING. Answer: Os what you do when you keep track of
your own financial activities in a personal chequing account.
It is your record of the money you received and money you spent.
◉ CORPORATION. Answer: A business that operates under a
government charter.
Owners are called shareholders or stockholders.
◉ EXPENSES. Answer: Costs of operating the business,
E.g. Rent, salaries, electricity, water, advertising, etc.
◉ GAAAP. Answer: Generally Accepted Accounting Principles.
, All accountants follow the same procedures, the same rules, in how
they record accounting activities and report accounting information.
◉ INCOME STATEMENT,
Financial statement.. Answer: Shows the revenue, income, earned
the operating costs incurred. Net income is the difference between
revenue and costs.
◉ LIABILITIES. Answer: Debts owing to others,
E,g, credit cards, bank loans and mortgages.
◉ OWNER'S EQUITY. Answer: The value of assets that remains after
all debts have been paid off.
◉ PARTNERSHIP. Answer: A business owned by two or more
persons called partners.
The partners share the management and decision-making.
Each partner is responsible for the debts of the business.
◉ PROPRIETORSHIP. Answer: A business with only one owner.
The owner is the manager, the owner makes all business...
EXAM PRACTICAL ANSWERS 2026 COMPLETE
STUDY GUIDE
◉ ASSETS. Answer: Things of value, owned by the business.
E.g. Cash, buildings, equipment, mapper handles for sale.
◉ BALANCE SHEET. Answer: Statement f assets, liabilities and
owner's equity.
◉ BOOKKEEPING. Answer: Os what you do when you keep track of
your own financial activities in a personal chequing account.
It is your record of the money you received and money you spent.
◉ CORPORATION. Answer: A business that operates under a
government charter.
Owners are called shareholders or stockholders.
◉ EXPENSES. Answer: Costs of operating the business,
E.g. Rent, salaries, electricity, water, advertising, etc.
◉ GAAAP. Answer: Generally Accepted Accounting Principles.
, All accountants follow the same procedures, the same rules, in how
they record accounting activities and report accounting information.
◉ INCOME STATEMENT,
Financial statement.. Answer: Shows the revenue, income, earned
the operating costs incurred. Net income is the difference between
revenue and costs.
◉ LIABILITIES. Answer: Debts owing to others,
E,g, credit cards, bank loans and mortgages.
◉ OWNER'S EQUITY. Answer: The value of assets that remains after
all debts have been paid off.
◉ PARTNERSHIP. Answer: A business owned by two or more
persons called partners.
The partners share the management and decision-making.
Each partner is responsible for the debts of the business.
◉ PROPRIETORSHIP. Answer: A business with only one owner.
The owner is the manager, the owner makes all business...
