Analysing Transactions - Double-Entry Accounting System

4 important questions on Analysing Transactions - Double-Entry Accounting System

What is the Double-Entry Accounting System?

A system of accounting for recording   transactions, based on recording  increases and decreases in accounts so that debits equal credits

What are Rules of Debit and Credit?

In the double-entry accounting system, specific rules for recording debits and credits based on the type of account

What is the Normal Balance of an Account?

The normal balance of an account can be either a debit or a credit depending on whether increases in the account are recorded as debits or credits
  • Higher grades + faster learning
  • Never study anything twice
  • 100% sure, 100% understanding
Discover Study Smart

What is a Journal?

The initial record in which the effects of a transaction are recorded

The question on the page originate from the summary of the following study material:

  • A unique study and practice tool
  • Never study anything twice again
  • Get the grades you hope for
  • 100% sure, 100% understanding
Remember faster, study better. Scientifically proven.
Trustpilot Logo