BSNS115 Final Exam with Guaranteed
Pass Solutions 2026 Updated.
unlimited liability - Answer the responsibility of business owners for all of the debts of the
business
limited liability - Answer when a business is unable to pay debts, responsibility is on the
business’s investments
assets - Answer anything the firm owns that generates profit
current-assets - Answer cash and other assets expected to be exchanged for cash or
consumed within a year
non-current assets - Answer Items that a business owns and which it expects to retain for
one year or longer.
Current assets include - Answer cash, accounts receivable, inventory
liabilities - Answer what a company owes
Current Liabilities - Answer debts of the business that must be paid within the next
accounting period
Non-current liabilities - Answer value of debts of the business that will be payable after more
than one year
Current liabilities include - Answer notes payable, accounts payable, unearned revenues, and
accrued liabilities such as taxes, salaries and wages, and interest.
Non-current liabilities include - Answer long term loans and bonds
contributed capital - Answer total value of personal assets contributed by the owners to the
firm
retained earnings - Answer total profit from the previous periods that the firm has held onto
, drawings - Answer Withdrawal of cash or other assets from an unincorporated business for
the personal use of the owner(s).
Dividends - Answer distribution of profits to shareholders
income - Answer inflow of economic benefits
revenue - Answer received from ordinary activities
gains - Answer received form other activities (selling of work car)
expenses - Answer outflow of economic benefit
accounting equation - Answer Assets = Liabilities + Owner's Equity
errors in recording transactions - Answer - single entry error
- transposition error
- incorrect entry
single entry error - Answer only one account is reported as affected (accounting equation
doesn't balance)
transposition error - Answer When two digits within an amount are accidentally swapped
incorrect entry error - Answer double increase/decrease to one side or increase to one and
decrease to the other
double entry - Answer accounting equation has to balance (at least two accounts must be
affected)
accrual accounting - Answer transactions are recorded on the balance sheet when they occur,
not when paid
cash accounting - Answer transactions are recorded on statement of changes in OE when
cash is paid or received
depreciation - Answer value of an asset used up within a period
Pass Solutions 2026 Updated.
unlimited liability - Answer the responsibility of business owners for all of the debts of the
business
limited liability - Answer when a business is unable to pay debts, responsibility is on the
business’s investments
assets - Answer anything the firm owns that generates profit
current-assets - Answer cash and other assets expected to be exchanged for cash or
consumed within a year
non-current assets - Answer Items that a business owns and which it expects to retain for
one year or longer.
Current assets include - Answer cash, accounts receivable, inventory
liabilities - Answer what a company owes
Current Liabilities - Answer debts of the business that must be paid within the next
accounting period
Non-current liabilities - Answer value of debts of the business that will be payable after more
than one year
Current liabilities include - Answer notes payable, accounts payable, unearned revenues, and
accrued liabilities such as taxes, salaries and wages, and interest.
Non-current liabilities include - Answer long term loans and bonds
contributed capital - Answer total value of personal assets contributed by the owners to the
firm
retained earnings - Answer total profit from the previous periods that the firm has held onto
, drawings - Answer Withdrawal of cash or other assets from an unincorporated business for
the personal use of the owner(s).
Dividends - Answer distribution of profits to shareholders
income - Answer inflow of economic benefits
revenue - Answer received from ordinary activities
gains - Answer received form other activities (selling of work car)
expenses - Answer outflow of economic benefit
accounting equation - Answer Assets = Liabilities + Owner's Equity
errors in recording transactions - Answer - single entry error
- transposition error
- incorrect entry
single entry error - Answer only one account is reported as affected (accounting equation
doesn't balance)
transposition error - Answer When two digits within an amount are accidentally swapped
incorrect entry error - Answer double increase/decrease to one side or increase to one and
decrease to the other
double entry - Answer accounting equation has to balance (at least two accounts must be
affected)
accrual accounting - Answer transactions are recorded on the balance sheet when they occur,
not when paid
cash accounting - Answer transactions are recorded on statement of changes in OE when
cash is paid or received
depreciation - Answer value of an asset used up within a period
