Double entry book keeping | Baamboozle - Baamboozle

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Few questions on Double entry rules of accounting

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What are the two aspects of double entry system of book keeping?

Receiving aspect and Giving aspect

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What is the double entry rules for Asset?

Asset increase debit and Asset decrease credit

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How many accounts will be involved in a transaction?

Two or more accounts

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Find the two accounts involved in the given transaction. Paid cash $ 500 to a creditor Mr. Been

Mr. Been a/c Debit Cash a/c Credit

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Ajay began business. He opened a business bank account and invested $ 80 000 as capital. Which account is debited and which is credited?

Bank a/c Debited Capital a/c Credited

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Paid rent in cash $ 25 Which are the two accounts involved in it?

Rent debit and cash credit

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Accounting is the primary stage and book keeping is the secondary stage . Is it true/ False?

False

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Balance sheet shows the financial position of the company. Is it true or false?

True

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Debtors is a current liability. Is it true or false?

False

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Assets which can be converted into cash with in one year are called as?

Current assets

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Asset- Capital = Liability. Is it correct?

correct

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Long term loan is an example for non current liability. Is it correct?

Correct

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