ASB BOOKKEEPING EXAM QUESTIONS WITH ANSWERS

ASB BOOKKEEPING EXAM QUESTIONS WITH
ANSWERS
Chart of accounts - -A Systematically arranged listing of accounts
Current assets.(debit)
Fixed assets (debit)
Current liabilities (credit)
Trust accounts (debit)
Equity (credit)
Income (credit)
Expense (debit)

-Assets - -101 Cash in Bank, Checking
102 Petty Cash
103 Cash in Bank, Savings
105 Change Account
106 Accounts Receivable
107 Prepaid Expenditures
109 Student Store Inventory
110 Other Assets
111 Fixed Assets (Equipment

-Liabilities - -01 Accounts Payable
209 Other Liabilities

-Trust account - -Sum of money held by the student body

210 Scholarship Accounts
2101 LMN Memorial
2102 DEF Scholarship

220 Class Accounts
2204 Class of '11
2205 Class of '12
2206 Class of '13
2207 Class of '14

230 Club Accounts
23010 XYZ Club
23011 RST Club

-Equity - -The excess of assets over liabilities

320 Fund Balance