BBK99E1 BASIC BOOKKEEPING EXAM PRACTICE PACK – MULTIPLE CHOICE QUESTIONS, LEDGER EXERCISES, TAX CALCULATIONS & BANK RECONCILIATION REVIEW SHEETS VERIFIED A+ ALREADY GRADED

BBK99E1 BASIC BOOKKEEPING EXAM PRACTICE
PACK – MULTIPLE CHOICE QUESTIONS, LEDGER
EXERCISES, TAX CALCULATIONS & BANK
RECONCILIATION REVIEW SHEETS VERIFIED A+
ALREADY GRADED


SECTION A – MULTIPLE-CHOICE QUESTIONS
Instructions
Choose the best answer for each question.

1.
Which accounting equation is correct?
A. Assets = Liabilities − Equity
B. Assets = Liabilities + Owner’s Equity
C. Revenue = Expenses + Assets
D. Assets + Liabilities = Equity
Answer: B



2.
Which account normally carries a debit balance?
A. Sales Revenue
B. Accounts Payable
C. Equipment
D. GST Collected
Answer: C



3.
A credit entry to Accounts Receivable will:

, A. Increase Accounts Receivable
B. Decrease Accounts Receivable
C. Increase Revenue
D. Increase Cash
Answer: B



4.
Which journal is used to record credit sales?
A. Cash Receipts Journal
B. Purchases Journal
C. Sales Journal
D. General Journal
Answer: C



5.
GST collected from customers is classified as:
A. Revenue
B. Expense
C. Asset
D. Liability
Answer: D



6.
A Trial Balance is prepared to:
A. Calculate taxes
B. Verify debit and credit balances are equal
C. Record payroll
D. Prepare invoices
Answer: B