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 found in the private ledger? ...
If the opening stock is 5% of sales. calculate the purchases ...
When a share is sold for less than its nominal value, the difference is debited to ...
An advantage of the use of the voucher system is that it? ...
A business operates on a mark-up of 25%. If cost of goods sold is N800,000. What is the profit? ...
Which of the following items is a current liability? ...
When a transaction causes an assets account to increase, there is ...
The difference between the factory cost of production and the prime cost of production is? ...