BBK99E1 BASIC BOOKKEEPING LEVEL 1
COMPREHENSIVE EXAM SCRIPT 2026
QUESTIONS WITH ANSWERS GRADED A+
◉ Asset. Answer: Good owned by the business for the purposes or
earning income
◉ Bookkeeping. Answer: The process of entering essential facts about
business into books of original entry
◉ Capital. Answer: The difference between assets and liabilities
◉ Credit column. Answer: The right hand column of a journal entry, trial
balance, or ledger sheet
◉ Expenses. Answer: The costs of earning revenue
◉ Financial periods. Answer: The balance sheet of a business is
prepared at a point in time, while the income statement is for a period
ended on the date of the Balance sheet
,◉ Financial Statements. Answer: Statements that record the assets,
liabilities, capital, revenue and expenses of a business enterprise.
◉ Folio. Answer: A term used to show which journal the entry
originated from
◉ Journals. Answer: Books of original entry where all original
documents are first entered
◉ Ledgers. Answer: Books such as General Ledger, Accounts
Receivable Ledger, Accounts Payable Ledger, and Payroll Ledger that
record the details from various journals
◉ liability. Answer: An amount owed by a business
◉ Net Income. Answer: The total revenue less total expenses
◉ Revenue. Answer: An amount earned for performing services or sling
goods
◉ Trial Balance. Answer: Recording ledger balances in debit and credit
columns to determine that the totals are equal
◉ vendor. Answer: A supplier of goods and services
, ◉ Dr or debit. Answer: Represents an increase in an asset and expense
accounts and a decrease in revenue, liability and capital accounts
◉ Cr or Credit. Answer: Represents an increase in liability, capital, and
revenue accounts and a decrease in asset and expenses accounts
◉ + or -. Answer: These symbols indicate debit or credit where
applocable
◉ (999). Answer: Values appearing parenthesis represent a negative
balance or amount
◉ double-entry bookkeeping. Answer: the practice of writing every
business transaction in two places
◉ double-entry bookkeeping. Answer: Bookkeepers record all
transactions in two places so they can check one list of transactions
against the other for accuracy.
◉ revenue. Answer: Money that earned by an individual for work he/she
has performed
COMPREHENSIVE EXAM SCRIPT 2026
QUESTIONS WITH ANSWERS GRADED A+
◉ Asset. Answer: Good owned by the business for the purposes or
earning income
◉ Bookkeeping. Answer: The process of entering essential facts about
business into books of original entry
◉ Capital. Answer: The difference between assets and liabilities
◉ Credit column. Answer: The right hand column of a journal entry, trial
balance, or ledger sheet
◉ Expenses. Answer: The costs of earning revenue
◉ Financial periods. Answer: The balance sheet of a business is
prepared at a point in time, while the income statement is for a period
ended on the date of the Balance sheet
,◉ Financial Statements. Answer: Statements that record the assets,
liabilities, capital, revenue and expenses of a business enterprise.
◉ Folio. Answer: A term used to show which journal the entry
originated from
◉ Journals. Answer: Books of original entry where all original
documents are first entered
◉ Ledgers. Answer: Books such as General Ledger, Accounts
Receivable Ledger, Accounts Payable Ledger, and Payroll Ledger that
record the details from various journals
◉ liability. Answer: An amount owed by a business
◉ Net Income. Answer: The total revenue less total expenses
◉ Revenue. Answer: An amount earned for performing services or sling
goods
◉ Trial Balance. Answer: Recording ledger balances in debit and credit
columns to determine that the totals are equal
◉ vendor. Answer: A supplier of goods and services
, ◉ Dr or debit. Answer: Represents an increase in an asset and expense
accounts and a decrease in revenue, liability and capital accounts
◉ Cr or Credit. Answer: Represents an increase in liability, capital, and
revenue accounts and a decrease in asset and expenses accounts
◉ + or -. Answer: These symbols indicate debit or credit where
applocable
◉ (999). Answer: Values appearing parenthesis represent a negative
balance or amount
◉ double-entry bookkeeping. Answer: the practice of writing every
business transaction in two places
◉ double-entry bookkeeping. Answer: Bookkeepers record all
transactions in two places so they can check one list of transactions
against the other for accuracy.
◉ revenue. Answer: Money that earned by an individual for work he/she
has performed
