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The credit balance of bank account in cash book shows: (a) Overdraft (b) Cash deposited in our bank (c) Cash is withdrawn from the bank (d) None of these
(c) Cash is withdrawn from the bank
(c) Cash is withdrawn from the bank
See lessTotal of these transactions is posted in purchase account: (a) Purchase of furniture (b) Cash and credit purchase (c) Purchases return (d) Purchase of stationery
The correct option is, (b) Cash and credit purchase
The correct option is, (b) Cash and credit purchase
See lessDouble column cash book records: (a) All transactions (b) Cash and bank transactions (c) Only cash transactions (d) Only credit transactions
(b) Cash and bank transactions
(b) Cash and bank transactions
See lessWhen a firm maintains a cash book, it need not maintain?(a) Journal Proper(b) Purchases (journal) book(c) Sales (journal) book(d) Bank and cash account in the ledger
(d) Bank and cash account in the ledger
(d) Bank and cash account in the ledger
See lessWhich of the following is correct? 1.Liabilities = Assets + Capital 2. Assets = Liabilities – Capital 3. Capital = Assets – Liabilities 4.Capital = Assets + Liabilities.Cash/Credit sales
Capital = Assets – Liabilities
Capital = Assets – Liabilities
See lessGive two differences between journal and ledger.
The two differences between journal and ledger are. For a transaction, journal is the intial book of entry. And the ledger is a second book of entry. The recording process in the journal is known as journalising. The recording process in the ledger is known as posting.
The two differences between journal and ledger are.
For a transaction, journal is the intial book of entry. And the ledger is a second book of entry.
See lessThe recording process in the journal is known as journalising. The recording process in the ledger is known as posting.
State journal entries that are subdivided into a number of books of original entry
The journal is subdivided into a number of books of original entry are. Journal Proper Cashbook Other books: Purchases (journal) book Sales (journal) book Purchase Returns (journal) book Sale Returns (journal) book Bills Receivable (journal) book Bills Payable (journal) book
The journal is subdivided into a number of books of original entry are.
Journal Proper
See lessCashbook
Other books:
Purchases (journal) book
Sales (journal) book
Purchase Returns (journal) book
Sale Returns (journal) book
Bills Receivable (journal) book
Bills Payable (journal) book
What is the two rule to follow when changing record in liabilities and capital change/Revenue(Losses)?
The two rules to follow when changing record in liabilities and capital change/Revenue(Losses) are. A rise in the liabilities is credited and the drop in liabilities is debited. A rise in the capital is credited and the drop in the capital is debited.
The two rules to follow when changing record in liabilities and capital change/Revenue(Losses) are.
A rise in the liabilities is credited and the drop in liabilities is debited.
See lessA rise in the capital is credited and the drop in the capital is debited.
What are the two rule to follow when changing record in assets/expenses (Losses)?.
The two rules to follow while recording differences in Assets/Expenses (Losses) are. A rise in an asset is debited, and the drop in the asset is credited. A Rise in expenses/losses is debited, and the drop in expenses/ losses is credited.
The two rules to follow while recording differences in Assets/Expenses (Losses) are.
A rise in an asset is debited, and the drop in the asset is credited.
See lessA Rise in expenses/losses is debited, and the drop in expenses/ losses is credited.
What does accounting equation signify?.
Accounting equation implies that the assets of a company are regularly equivalent to the total of its liabilities and capital (owner’s equity).
Accounting equation implies that the assets of a company are regularly equivalent to the total of its liabilities and capital (owner’s equity).
See less