ASB BOOKKEEPING Exam Questions
with Latest Update
Chart of accounts - ANSWER-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 - ANSWER-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 - ANSWER-01 Accounts Payable
209 Other Liabilities
Trust account - ANSWER-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 - ANSWER-The excess of assets over liabilities
320 Fund Balance
with Latest Update
Chart of accounts - ANSWER-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 - ANSWER-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 - ANSWER-01 Accounts Payable
209 Other Liabilities
Trust account - ANSWER-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 - ANSWER-The excess of assets over liabilities
320 Fund Balance
