When the number of accounts to be debited or credited is more than one, entry made for recording the transaction is called _________.
Journal entry
Compound Journal entry
Narration
None of these
On which side is decrease of assets posted?
Debit
Credit
Expenditure
Income
On which side is decrease of liability posted?
Which of the following is correct?
Liabilities = Assets + capital
Assets = Liability - capital
Capital = assets - liabilities
Capital = assets + liabilities
On which side increase of expenses are posted?
Find the correct statement:
Credit a decrease in assets
Credit the increase in expenses
Debit the increase in revenue
Credit the increase in capital
Recording of transaction in the journal is called:
Casting
Journalising
Posting
Recording
_____________ is a list of all account balances.
Balance sheet
Trading account
Financial statement
Trail balance
Voucher is prepared for
Cash received and paid
Cash/credit sales
Cash/credit purchase
All of the above
A purchase of machine for cash should be debited to
Cash account
Machine account
Purchase account
