BBK99E1 BASIC BOOKKEEPING EXAM
SCRIPT VERIFIED QUESTIONS AND
SOLUTIONS COMPLETE REVIEW MATERIAL
●● Accountancy
Answer: The profession and practice of recording, classifying,
analyzing, and reporting financial information.
●● Accountant
Answer: A professional who prepares, examines, and interprets financial
records.
●● Loss
Answer: When expenses exceed revenue, resulting in a decrease in
income.
●● Profit
Answer: The amount remaining after all expenses are deducted from
revenue.
●● Expense
Answer: Costs incurred in running a business.
, ●● Revenue
Answer: Income earned from selling goods or providing services.
●● Equity
Answer: The owner's remaining interest in the assets after liabilities are
deducted.
●● Liabilities
Answer: Debts or obligations owed by a business.
●● Assets
Answer: Resources owned by a business that have economic value.
●● Debit
Answer: An accounting entry recorded on the left side of an account.
●● Journal
Answer: The book where financial transactions are first recorded.
●● Ledger
Answer: A book or file that contains all business accounts and their
balances.
SCRIPT VERIFIED QUESTIONS AND
SOLUTIONS COMPLETE REVIEW MATERIAL
●● Accountancy
Answer: The profession and practice of recording, classifying,
analyzing, and reporting financial information.
●● Accountant
Answer: A professional who prepares, examines, and interprets financial
records.
●● Loss
Answer: When expenses exceed revenue, resulting in a decrease in
income.
●● Profit
Answer: The amount remaining after all expenses are deducted from
revenue.
●● Expense
Answer: Costs incurred in running a business.
, ●● Revenue
Answer: Income earned from selling goods or providing services.
●● Equity
Answer: The owner's remaining interest in the assets after liabilities are
deducted.
●● Liabilities
Answer: Debts or obligations owed by a business.
●● Assets
Answer: Resources owned by a business that have economic value.
●● Debit
Answer: An accounting entry recorded on the left side of an account.
●● Journal
Answer: The book where financial transactions are first recorded.
●● Ledger
Answer: A book or file that contains all business accounts and their
balances.
