A purchase of machine for cash should be debited to:
Cash account
Machine account
Purchase account
Assets
Whatis a list of all account balances?
Balance sheet
Trading account
Financial statement
Trail balance
Which of the following is correct?
Liabilities = Assets + capital
Assets = Liability - capital
Capital = assets - liabilities
Capital = assets + liabilities
Which side posting of revenue results in decrease of revenue?
Debit
Credit
Income
Expenditure
Cash withdrawn by the proprietor should be credited to:
Drawings account
Capital account
Profit and loss account
Recording of transaction in the journal is called:
Casting
Journalising
Posting
Recording
Which side posting of liability results in an increase in liability?
Increase of revenue is posted in the:
Expenditure side
Income side
Debit side
Credit side
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
Which is the books of original entry?
Journal
Cashbook
Purchase book
Sales book