BBK99E1 BASIC BOOKKEEPING
COMPREHENSIVE EXAM PREP QUESTIONS
AND SOLUTIONS VERIFIED STUDY
RESOURCE
●● Posting
Answer: The process of transferring entries from the books of original
entry to the ledger
●● Ledger
Answer: A book that contains various accounts like assets, liabilities,
equity, revenues, and expenses, where entries are posted from the
journal.
●● Types of accounting (5)
Answer: Bookkeeping, Financial accounting, cost accounting,
managerial accounting, social responsibility accounting
●● Bookkeeping
Answer: Recording transactions and maintaining books
●● Financial accounting
, Answer: preparation, presentation, and interpretation of financial
statements and communicating the results to various users of the
financial statements
●● Cost accounting
Answer: Mainly related to the ascertainment of cost at various levels of
activity, and fixing the price of the final product
●● Managerial Accounting
Answer: Generation and communication of accounting information to
management for decision-making
●● Social Responsibility Accounting
Answer: Covers accounting of social costs incurred by the enterprise and
benefits offered to society and reporting thereof.
●● The Accounting Cycle
Answer: The multi-step process of identifying, analyzing, recording, and
processing all financial transactions of a company. These steps are
repeated annually.
●● The Accounting Equation
Answer: Assets = Liabilities + Equity
COMPREHENSIVE EXAM PREP QUESTIONS
AND SOLUTIONS VERIFIED STUDY
RESOURCE
●● Posting
Answer: The process of transferring entries from the books of original
entry to the ledger
●● Ledger
Answer: A book that contains various accounts like assets, liabilities,
equity, revenues, and expenses, where entries are posted from the
journal.
●● Types of accounting (5)
Answer: Bookkeeping, Financial accounting, cost accounting,
managerial accounting, social responsibility accounting
●● Bookkeeping
Answer: Recording transactions and maintaining books
●● Financial accounting
, Answer: preparation, presentation, and interpretation of financial
statements and communicating the results to various users of the
financial statements
●● Cost accounting
Answer: Mainly related to the ascertainment of cost at various levels of
activity, and fixing the price of the final product
●● Managerial Accounting
Answer: Generation and communication of accounting information to
management for decision-making
●● Social Responsibility Accounting
Answer: Covers accounting of social costs incurred by the enterprise and
benefits offered to society and reporting thereof.
●● The Accounting Cycle
Answer: The multi-step process of identifying, analyzing, recording, and
processing all financial transactions of a company. These steps are
repeated annually.
●● The Accounting Equation
Answer: Assets = Liabilities + Equity
