The left hand side of an account is known as:
Right side
Left side
Debit side
Credit side
Payment of rent expenses is recorded on which side of cash book?
Receipts
Payments
Income
Expenses
Spot out the odd one.
Alex account
The account of limited company
The account of co-operative society
The account of school
Accounting entries for the repayment of a loan received from Arjun, the owner's friend.
Debit cash account and Credit capital account
Credit cash account and Debit capital account
Credit cash account and Debit Arjun's loan account
Debit cash account and Credit Arjun's loan account
Rs 5,00,000/- paid to acquire a lorry for business use.
Capital Account
Motor Vehicle Account
Transport Account
Drawings Account
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
Double entry system is a scientific system of recording transaction as it keeps:
Books of accounts
Audit
Specific rules and principles
Trial balance
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
Which of the following is correct?
Liabilities = Asset + capital
Asset= Liabilities - capital
Capital = Asset - Liabilities.
Capital= Assets + Liabilities.
