ABKN202 Accounting and Bookkeeping Fundamentals Assessment V3 2026 | The Career Academy

ABKN202 ASSESSMENT: Accounting and Bookkeeping Fundamentals

Read through the requirements below and complete all parts of the assessment and then save your work as either a Word document or a PDF file. Once you have saved your work click on the Assessment submission link within this topic and upload your completed assessment to your tutor for marking.

Learning outcomes

By the end of this assignment you will be able to: 

• Explain the key concepts and assumptions underlying accounting.
• Explain the principal qualitative characteristics and their effect on financial statements.
• List the different account categories and the type of accounts associated with each category.
• Distinguish between accounts receivable and accounts payable. 

Required

Complete each question in the space provided and then submit your answers toyour tutor for marking. 

Part A: Short Answer Questions 

Question 1

In this first course you are introduced to basic accounting concepts and terminology. Imagine you caught up with your friend over the weekend and you tell them rather excitedly you have just started this course. Your friend then asks you “Is accounting and bookkeeping the same thing?” Based on what you have learnt so far how would answer this question? Please write at least a paragraph, making sure your answer is in your own words. 

Question 2:

Accounting has five key concepts that are collectively known as GAAP. In the table below, there are five definitions that relate to each of these different concepts. Please identify the accounting concepts and place your answer in the table below.

Definition

Concept Assets and liabilities are recorded on the balance sheet at their purchase or acquisition price, not at their current cost.

Historic cost concept