100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Chapter21 Question and answers correctly solved 2024 CA$18.69   Add to cart

Exam (elaborations)

Chapter21 Question and answers correctly solved 2024

 5 views  0 purchase
  • Course
  • Bookkeeping
  • Institution
  • Bookkeeping

Chapter21 Question and answers correctly solved 2024 Chapter 6/7 - Double entry bookkeeping, Bookkeeping - Notes 1, Historical Development of Accounting, Med office book keeping, Bookkeeping Week 2 How are transactions initially recorded on financial documents? - correct answer 1. Input into ...

[Show more]

Preview 2 out of 15  pages

  • August 30, 2024
  • 15
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Bookkeeping
  • Bookkeeping
avatar-seller
Chapter 6/7 - Double entry bookkeeping,
Bookkeeping - Notes 1, Historical
Development of Accounting, Med office
book keeping, Bookkeeping Week 2
How are transactions initially recorded on financial documents? - correct
answer ✔1. Input into books of prime entry


2. Process transactions through ledgers


3. Generate output (e.g. summarise info into reports, trial balances and
financial statements)


Accounting equation - correct answer ✔ASSETS - LIABILITIES = CAPITAL


Double entry bookkeeping system works on a duel effect - correct answer
✔Every transaction has two effects on a business


Debit entries (left side) - correct answer ✔INCREAE
- Assets
- Expenses
- Drawings


DECREASE
- Liabilities
- Income
- Capital

, Credit entries (right side) - correct answer ✔INCREASE
- Liabilities
- Income
- Capital


DECREASE
- Assets
- Expenses
- Drawings


Balancing ledger accounts - correct answer ✔1. Add up the debit and credit
side separately


2. Put the largest of the two totals as the column total for both debit and credit
column


3. Calculate the balancing figure on the side with the lower total and describe
this as the balance carried down (bal c/d)


4. Show this balancing figure on the opposite side below the totals lines, and
describe this figure as the balance brought down (balance b/d)


Capital vs revenue
Expenditure and income - correct answer ✔Capital = 'one off'
Expenses = equipment, property, vehicles
Income = cash from owner, sale of assets

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller flyhigher329. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for CA$18.69. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

75759 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
CA$18.69
  • (0)
  Add to cart