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Question: 1
30/11/2013 YRM, PTC, Mys-10 1.1.2
What is Accounting equation in Double Entry System
Assets - Liabilities = Equity + (Income – Expenses)
Question: 2
30/11/2013 YRM, PTC, Mys-10 1.1.3
Concept of Double Entry System is called:
Principle of Balance
Question: 3
30/11/2013 YRM, PTC, Mys-10 1.1.4
Name Three types of Accounts in Double Entry
PersonalNominalReal
Question: 4
30/11/2013 YRM, PTC, Mys-10 1.1.5
Quote the Golden Rule of Double Entry System:
Debit the receiver and Credit the giver.Debit all expenses and losses and Credit all income and liabilities.Debit what comes in and credit what goes out.
Question: 12
30/11/2013 YRM, PTC, Mys-10 1.1.13
What is Cash Book ?
A Ledger Account in which Cash transactions entered in chronologically.
Question: 13
30/11/2013 YRM, PTC, Mys-10 1.1.14
What is Journal ?:
Accounting transactions are entered as they occur on Daily Basis.
Question: 14
30/11/2013 YRM, PTC, Mys-10 1.1.15
What is Trial Balance?:
List of all debit entries in ledger and total of all credit entries, prepared at the end of the accounting period
Question: 15
30/11/2013 YRM, PTC, Mys-10 1.1.16
What is Income & Expenditure A/c ?:
Account prepared at the end of accounting period which shows the revenues and expenses and shows the net result.
Question: 16
30/11/2013 YRM, PTC, Mys-10 1.1.17
What is Suspense Account ?:
An account used temporarily to carry doubtful receipts & payments or discrepancies pending their analysis and permanent classification.
Question: 17
30/11/2013 YRM, PTC, Mys-10 1.1.18
What is Sundry Account ?:
Temporary Accounts used for miscellaneous purposes.
Question: 18
30/11/2013 YRM, PTC, Mys-10 1.1.19
Rama deposited Rs 1000 to SB Account.How this has to be dealt in Double Entry?
Cash A/C Dr 5000To Ramas SB Account 5000.
Question: 19
30/11/2013 YRM, PTC, Mys-10 1.1.20
Seetha Withdrawn Rs 5000 from SB Account.How this has to be dealt in Double Entry?
Seetha SB Account Dr 5000To Cash Account 5000
Question: 20
30/11/2013 YRM, PTC, Mys-10 1.1.21
Purchase of Furniture costing Rs 10000 for office.How this is to be treated in Double Entry?
Furniture A/C Dr 10000To Cash A/C 10000