Fundamental Bookkeeping Practice Exam
Fundamental Bookkeeping Practice Exam
About Fundamental Bookkeeping Exam
The Fundamental Bookkeeping Practice Exam is designed to test your understanding of basic accounting and record-keeping principles. It covers essential topics such as journal entries, ledgers, trial balances, bank reconciliation, and financial reporting. This exam is useful for students, small business owners, and anyone preparing for accounting or finance-related roles.
Who Should Take the Exam?
This exam is suitable for:
- Students studying accounting, commerce, or finance
- Bookkeepers and accounting assistants
- Small business owners and entrepreneurs
- Office staff handling company finances
- Professionals preparing for accounting certifications
- Trainers and instructors in bookkeeping and finance
Skills Required
- Basic knowledge of accounting terms and processes
- Understanding of double-entry bookkeeping
- Familiarity with financial statements and account classifications
- Ability to prepare journal entries and maintain ledgers
- Awareness of cash and bank transactions
Knowledge Gained
- Clear understanding of the accounting cycle
- Skills in posting entries to journals and ledgers
- Ability to prepare and review trial balances
- Knowledge of cash flow, reconciliation, and basic reporting
- Confidence in managing day-to-day financial records
Course Outline
The Fundamental Bookkeeping Exam covers the following topics -
Domain 1 – Introduction to Bookkeeping
- Purpose and principles of bookkeeping
- Role of a bookkeeper in financial management
Domain 2 – Accounting Basics and Terminology
- Assets, liabilities, equity, income, and expenses
- Chart of accounts and account classifications
Domain 3 – The Double-Entry System
- Debit and credit rules
- Recording transactions in journals
Domain 4 – Ledgers and Posting Entries
- General and subsidiary ledgers
- Transferring journal entries to ledgers
Domain 5 – Trial Balance and Adjustments
- Preparing and checking a trial balance
- Correcting errors and making adjustments
Domain 6 – Bank Reconciliation
- Comparing bank statements with internal records
- Identifying and resolving discrepancies
Domain 7 – Cash Book and Petty Cash Management
- Maintaining cash records and petty cash vouchers
- Handling cash inflow and outflow
Domain 8 – Basic Financial Statements
- Preparing income statements and balance sheets
- Understanding how bookkeeping supports reporting
