CSLBCH. 5 EXAMACTUALQUESTIONSAND v v v v v v
ANSWERS 2024/2025 A+ GRADE. v v v v
1 year - correct answer-1.) Current liabilities on a balance sheet are debts that become due within:
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Revenues and expenses over an extended period of time - correct answer-
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2.) An income statement shows: v v v
When the cash changes hands - correct answer-
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3.) In the cash system of accounting, a transaction is recorded or posted:
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Money due from customers who have purchased goods or services - correct answer-
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4.) Of the following which is the best description for accounts receivable?
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A budget should allow leeway for month to month variations - correct answer-
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5.) Which of the following is a correct statement about budgets? v v v v v v v v v
Use funds from a pre-established line of credit - correct answer-6.) If a contractor has temporary cash- flow
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problem, what is a good way to get through the crisis?
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Coverage and Cost - correct answer- v v v v v
7.) Greg is looking to purchase an insurance policy. He is calling different companies to obtain differen t
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quotes. What is the best way to choose among different companies?
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Net Profit or Loss - correct answer-8.) The bottom line of the P & L statement shows:
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They may form a corporation and obtain a corporate license - correct answer-
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9.) A licensed contractor wants to do construction projects with an unlicensed individual. Of the follow ing,
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which is a legal alternative?
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The Board of Equalization - correct answer-10.) To whom do you report and pay Use tax?
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ANSWERS 2024/2025 A+ GRADE. v v v v
1 year - correct answer-1.) Current liabilities on a balance sheet are debts that become due within:
v v v v v v v v v v v v v v v v
Revenues and expenses over an extended period of time - correct answer-
v v v v v v v v v v v
2.) An income statement shows: v v v
When the cash changes hands - correct answer-
v v v v v v v
3.) In the cash system of accounting, a transaction is recorded or posted:
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Money due from customers who have purchased goods or services - correct answer-
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4.) Of the following which is the best description for accounts receivable?
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A budget should allow leeway for month to month variations - correct answer-
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5.) Which of the following is a correct statement about budgets? v v v v v v v v v
Use funds from a pre-established line of credit - correct answer-6.) If a contractor has temporary cash- flow
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problem, what is a good way to get through the crisis?
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Coverage and Cost - correct answer- v v v v v
7.) Greg is looking to purchase an insurance policy. He is calling different companies to obtain differen t
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quotes. What is the best way to choose among different companies?
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Net Profit or Loss - correct answer-8.) The bottom line of the P & L statement shows:
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They may form a corporation and obtain a corporate license - correct answer-
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9.) A licensed contractor wants to do construction projects with an unlicensed individual. Of the follow ing,
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which is a legal alternative?
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The Board of Equalization - correct answer-10.) To whom do you report and pay Use tax?
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