In ____________ book, transactions are recorded in the chronological order.
Journal
Ledger
Balance sheet
None of these
A purchase of machine for cash should be debited to
Cash account
Machine account
Purchase account
Find the correct statement:
Credit a decrease in assets
Credit the increase in expenses
Debit the increase in revenue
Credit the increase in capital
Which of the following is correct?
Liabilities = Assets + capital
Assets = Liability - capital
Capital = assets - liabilities
Capital = assets + liabilities
On which side is increase of liability posted?
Debit
Credit
Expenditure
Income
On which side is decrease of liability posted?
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
Increase of revenue is posted on the:
Expenditure side
Income side
Debit side
Credit side
On which side is decrease of assets posted?
How many sides does an account has?
Two
Three
One
