A cash book with cash, bank and discount column is commonly referred as:
Cash book
Two column cash book
Three column cash book
Petty cash book
Every transaction changes:
The assets
Liabilities
Capital
Either or all of these
The total of the debit balances listed in a trial balance will not be equal to that of the credit balances:
If an amount entered in the prime entry book is not posted.
If an amount paid for purchases is posted to stationery account.
If an amount drawn by the owner is posted to the debit of the capital account.
If a transaction has not been entered in the book of prime entry.
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
Rs.25000/- paid for servicing the business lorry.
Vehicle maintenance account
Motor vehicle account
General expense account
Service account
Every debit has a credit and every credit has a debit is based on the principle of:
Book keeping
Accountancy
Double entry
Single entry system
Advantage of double entry system are:
Scientific system
Knowledge of financial position
Knowledge about different account
All the above
The left hand side of an account is known as:
Right side
Left side
Debit side
Credit side
