Whatis a list of all account balances?
Balance sheet
Trading account
Financial statement
Trail balance
In which book, transactions are recorded in the chronological order?
Journal
Ledger
None of these
Which side posting of expenses increases expenses?
Debit
Credit
Income
Expenditure
Which side posting of revenue results in decrease of revenue?
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
Which is the books of original entry?
Cashbook
Purchase book
Sales book
Find the correct statement:
Credit an increase in assets
Credit an increase in expenses
Debit an increase in revenue
Credit an increase in capital
How many sides does an account have?
Two
Three
One
Four
Which side posting of liability results in an increase in liability?
Voucher is prepared for:
Cash received and paid
Cash/credit sales
Cash/credit purchase
All of the above
