The right side of an account is known as:
Right
Left
Debit
Credit
Which of the following statement is correct?
A trial balance reports the financial position of a business.
A trial balance reveals whether double entry principle has been complied with.
A trial balance will always balance.
A trial balance reports the profit or loss made by business.
Which one is the advantage of double entry system?
Lack of arithmetical accuracy
Incomplete record of transaction
No accuracy before making of trial balance
Preparation of trading and profit and loss account
Every transaction changes:
The assets
Liabilities
Capital
Either or all of these
The left hand side of an account is known as:
Right side
Left side
Debit side
Credit side
Rs 12000/- paid to buy mobile phone for sale.
Mobile phone account
Purchase account
Furniture account
Sales account
Find out the causes of popularity of double entry.
Preparation of trial balance
Not suitable for small business
All of the above
