Double Entry Bookkeeping Exam Questions and Answers
58 views 0 purchase
Course
Bookkeeping
Institution
Bookkeeping
Double entry accounting - ANSWER-A method of bookkeeping which records each financial transaction twice using debits and credits.
Double entry bookkeeping system - ANSWER-A method of bookkeeping that reflects the dual nature of each transaction as it affects the business.
Ledger - ANSWER-A bo...
Double Entry Bookkeeping Exam Questions and Answers
Double entry accounting - ANSWER-A method of bookkeeping which records each financial transaction twice using debits and credits.
Double entry bookkeeping system - ANSWER-A method of bookkeeping that reflects the dual nature of each transaction as it affects the business.
Ledger - ANSWER-A book in which entries posted from the journals are re-organized into accounts.
Journal - ANSWER-A book or set of books where your transactions are first entered.
Journal entries - ANSWER-A term used to describe the transactions recorded in a journal.
T Account - ANSWER-A particular method of displaying an account where the debits and associated information are shown on the left, and credits and associated information on the right.
Trial Balance - ANSWER-A statement showing all the accounts used in a business and their balances.
Balance B/D - ANSWER-The balance brought down as opening balance of a ledger pulled from previous accounting period.
Balance C/D - ANSWER-The balance carried down as the closing balance of a ledger pushed to the next accounting period.
Debit Balance - ANSWER-If Debit side > Credit side
Credit Balance - ANSWER-If Credit side > Debit side
Debit - ANSWER-An accounting entry that either increases an asset or expense account, or decreases a liability or equity account. It is positioned to the left in an accounting entry.
Credit - ANSWER-An accounting entry that either increases a liability or equity account, or decreases an asset or expense account. It is positioned to the right in an accounting entry.
Business transactions - ANSWER-The events that have a monetary impact on the financial statements of an organization
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller lectknancy. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.49. You're not tied to anything after your purchase.
