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