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Simple Book Keeping Test with Complete Solutions Graded A+
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Simple Book Keeping Test with Complete Solutions Graded A+ Describes the unsold goods that are intended for sale - Answer-Inventory Describes the tools and equipment used for the operation and production of goods. - Answer-Equipment Describes assets like chairs, tables and display cases. -...

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  • September 5, 2024
  • 2
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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Simple Book Keeping Test
with Complete Solutions
Graded A+
Describes the unsold goods that are intended for sale - Answer-Inventory

Describes the tools and equipment used for the operation and production of goods. -
Answer-Equipment

Describes assets like chairs, tables and display cases. - Answer-Furniture and fixtures

Describes financial obligation arising from goods purchased or services received -
Answer-Accounts payable

Describes financial obligations supported with notes - Answer-Notes payable

Describes unpaid obligations of light and water - Answer-Utilities payable

Describes unpaid salaries of the workers - Answer-Salaries payable

Describes the original and additional investment of the owner - Answer-Capital

Describes the temporary withdrawal of capital by the owner - Answer-Drawing

Describes the general services rendered - Answer-Service income

Describes the income arising from lease or rent of property - Answer-Rental income

Describes the sale of goods or products to the consumers - Answer-Sales

Describes the payments or salaries - Answer-Salaries and wages

Describes expenses on store supplies - Answer-Store Supplies expense

Small business record their business transactions in the book of the business
called_______________ - Answer-Bookkeeping

Refer to the events where there are exchange of values - Answer-Transactions

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