BOOKKEEPING ACTUAL EXAM SCRIPT 2026
QUESTIONS WITH SOLUTIONS
◉ Adjusting Entries. Answer: Journal entries made at the end of an
accounting period to adjust certain balances so that the statements will
accurately reflect the transactions for the period
◉ Asset. Answer: Goods owned by the business for the purposes of
earning income.
The business's 'goodies'. Examples may be tangible (office equipment,
houses, boats) and intangible (loans from a friend, assuming you will
pay them back).
◉ Capital. Answer: Represents amounts invested in the company by the
owner and profits retained in the business
◉ Credit Column. Answer: The right had column of a journal entry, trial
balance, or ledger sheet
◉ Customer. Answer: A purchaser of goods and/or services from your
company. They can either be a person or another company
◉ Debit Column. Answer: The left hand column of a journal entry, trial
balance, or ledger sheet
, ◉ Expenses. Answer: The costs of earning revenue
Best related to the stuff we use and have to pay to charge or pay to run
the business. Ex: utilities, phone bills, electricity, gas, business building
rental
◉ 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. Each has a specific name and purpose.
◉ Ledgers. Answer: Books such as the 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, like debts. Credit
cards and home mortgages with amounts are good examples.
QUESTIONS WITH SOLUTIONS
◉ Adjusting Entries. Answer: Journal entries made at the end of an
accounting period to adjust certain balances so that the statements will
accurately reflect the transactions for the period
◉ Asset. Answer: Goods owned by the business for the purposes of
earning income.
The business's 'goodies'. Examples may be tangible (office equipment,
houses, boats) and intangible (loans from a friend, assuming you will
pay them back).
◉ Capital. Answer: Represents amounts invested in the company by the
owner and profits retained in the business
◉ Credit Column. Answer: The right had column of a journal entry, trial
balance, or ledger sheet
◉ Customer. Answer: A purchaser of goods and/or services from your
company. They can either be a person or another company
◉ Debit Column. Answer: The left hand column of a journal entry, trial
balance, or ledger sheet
, ◉ Expenses. Answer: The costs of earning revenue
Best related to the stuff we use and have to pay to charge or pay to run
the business. Ex: utilities, phone bills, electricity, gas, business building
rental
◉ 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. Each has a specific name and purpose.
◉ Ledgers. Answer: Books such as the 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, like debts. Credit
cards and home mortgages with amounts are good examples.
