FA1 Section - Introduction to double entry
7 important questions on FA1 Section - Introduction to double entry
- Combine the accountancy formula with owner's equity and profit
- What is the name?
Assets + drawings + expenditure = Capital + liabilities + income
Considering the elaborated accountancy equation what is on the left-hand side and what on the right-hand side?
Money coming in to the bank account is entered on the left-hand side money going out is entered on the right-hand side.
Considering
- Asset
- Drawing
- Expenditure
- Capital
- Liability
- Income
What does a debit entry do?
What does a credit entry do?
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What are the [3] steps in posting to the general ledger?
- IDentifying the amount to be posted from the book of prime entry;
- Identify the general ledger account (double entry);
- Enter the transaction into the ledger accounts;
What [3] ledgers are used to record business transactions?
- Receivables ledger;
- Payable ledger;
- General ledger;
What [4] things from the books of prime entry is summarized in the general ledger?
- Sales day book;
- Purchase day book;
- Sales returns day book (purchase returns day book);
- Cash book;
What is a rul in helping to remember where the entries to the account should be made?
Debit
Expenses
Assets
Drawings
Credit
Liabilities
Income
Capital
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