Exam (elaborations)
Double Entry Bookkeeping Questions and Answers 2024
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Double Entry Bookkeeping
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Double Entry BookkeepingDouble entry accounting - answerA method of bookkeeping which records each
financial transaction twice using debits and credits.
Double entry bookkeeping system - answerA method of bookkeeping that reflects the
dual nature of each transaction as it affects the business.
Ledger - answerA book in which entries posted from the journals are re-organised into
accounts.
Journal - answerA book or set of books where your transactions are first entered.
Journal entries - answerA term used to describe the transactions recorded in a journal.
T Account - answerA 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 - answerA statement showing all the accounts used in a business and
their balances.
Balance B/D - answerThe balance brought down as opening balance of a ledger pulled
from previous accounting period.
Balance C/D - answerThe balance carried down as the closing balance of a ledger
pushed to the next accounting period.
Debit Balance - answerIf Debit side > Credit side
Credit Balance - answerIf Credit side > Debit side
Debit - answerAn 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 - answerAn 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.
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