Double entry book keeping | Baamboozle - Baamboozle

0%

0 0 0

How many accounts will be involved in a transaction?

Two or more accounts

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

Current assets

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

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

What is the double entry rules for Asset?

Asset increase debit and Asset decrease credit

Asset- Capital = Liability. Is it correct?

correct

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

Rent debit and cash credit

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

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

Receiving aspect and Giving aspect

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

False

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

Correct