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Double entry book keeping
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Long term loan is an example for non current liability. Is it correct?
Correct
Asset- Capital = Liability. Is it correct?
correct
Assets which can be converted into cash with in one year are called as?
Current assets
Debtors is a current liability. Is it true or false?
False
Balance sheet shows the financial position of the company. Is it true or false?
True
Accounting is the primary stage and book keeping is the secondary stage . Is it true/ False?
False
Paid rent in cash $ 25 Which are the two accounts involved in it?
Rent debit and cash credit
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
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
How many accounts will be involved in a transaction?
Two or more accounts
What is the double entry rules for Asset?
Asset increase debit and Asset decrease credit
What are the two aspects of double entry system of book keeping?
Receiving aspect and Giving aspect
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