Transactions are recorded or posted to the ledger in line...
Transactions are recorded or posted to the ledger in line with
Accounting Concept
Source document
Double Entry Principle
Data collection
Correct answer is C
The main principle of double-entry system is that for every debit there is a corresponding credit for an equal amount of money and for every credit there is a corresponding debit for an equal amount of money; i.e. for every transaction one account is debited for, the amount of transaction and the other account is also credited.
Which of the following is not true of capital expenditure? i. assets acquired for the purpose...
Given: Rent..............N10,000 Rates.............N5,000 Capital...........N50,000 Salaries.......
For an incomplete record to provide necessary information, it must be converted to? ...
Where a proprietor withdraws cash from bank for office use, the entries would be ...
A rent ₦12,000 was paid by Taiwo to his landlord by cheque. The double entry in Taiwo's books ...
Subscription in advance is classified in the balance sheet as ...
In the absence of partnership agreement, a loan by a partner attracts interest at ...