ASB BOOKKEEPING UPDATED ACTUAL Exam Questions and CORRECT Answers
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Course
Bookkeeping
Institution
Bookkeeping
ASB BOOKKEEPING UPDATED ACTUAL
Exam Questions and CORRECT Answers
Chart of accounts - CORRECT ANSWER - A Systematically arranged listing of accounts
Current assets.(debit)
Fixed assets (debit)
Current liabilities (credit)
Trust accounts (debit)
Equity (credit)
Income (credit)
Expense (deb...
ASB BOOKKEEPING UPDATED ACTUAL
Exam Questions and CORRECT Answers
Chart of accounts - CORRECT 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 - CORRECT 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
Trust account - CORRECT 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 - CORRECT ANSWER - The excess of assets over liabilities
320 Fund Balance
Income - CORRECT ANSWER - 405 Student Body Fees (Cards)
410 Student Store Sales
415 Athletic Events (Gate Receipts)
420 Publications (Yearbook)
425 Social Activities
430 Vending Machines
435 Donations
440 Interest Earned
490 Other Income
Expense - CORRECT ANSWER - 510 Student Store Purchases
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