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Revision on Debit and Credit concepts

Revision on Debit and Credit concepts

Assessment

Flashcard

Business

2nd Grade

Practice Problem

Easy

Created by

Mei theen Yip

Used 3+ times

FREE Resource

Student preview

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10 questions

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1.

FLASHCARD QUESTION

Front

Purchase a new van for business use with cheque

Back

Increase in Asset --> Debit Van a/c

Decrease in Asset --> Credit Bank a/c

2.

FLASHCARD QUESTION

Front

  1. Owner brought in furniture to use in business

Back

Increase in Asset --> Debit Furniture a/c

Increase in Owner Equity --> Credit Capital a/c

3.

FLASHCARD QUESTION

Front

Owner took business cash for personal use

Back

Decrease in Owner's Equity --> Debit Drawings a/c

Decrease in Asset --> Credit Cash a/c

Note: Withdrawal of business resources for personal use will reduce owner's capital invested

4.

FLASHCARD QUESTION

Front

Debtors paid back to business with cheques

Back

Increase in Asset --> Debit Bank a/c

Decrease in Asset --> Credit Debtor a/c

Note: amount owing by customer on credit reduced

5.

FLASHCARD QUESTION

Front

  1. Purchased new factory building with bank loan

Back

Increase in Asset --> Debit Building a/c

Increase in Liability --> Credit Loan a/c

6.

FLASHCARD QUESTION

Front

Paid back to creditors by cash

Back

  1. Decrease in Liability --> Debit Creditor a/c

Decrease in Asset --> Credit Cash a/c

7.

FLASHCARD QUESTION

Front

Return damaged goods to supplier on credit

Back

  1. Decrease in Liability --> Debit Creditor a/c

  2. Increase in Revenue --> Credit Return Outwards a/c

  3. Note: Refund from supplier is deemed as a revenue

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