DPA10183 - Quiz 2- Chapter 3 (Double Entry System)

Every transaction must have at least ONE Debit and ONE Credit entry.

• TRUE

• FALSE

The total of the debit values recorded must equal the total of the credit values recorded.

• TRUE

• FALSE

All DEBIT entry must be recorded on RIGHT side of particular account.

• TRUE

• FALSE

According to Accounting Equation, ASET is equal to LIABILITY minus OWNER'S EQUITY.

• TRUE

• FALSE

Based on accounting process, transactions are first recorded in the ledger.

• TRUE

• FALSE

To increase the value of an assets, the account must be DEBITED.

• TRUE

• FALSE

All EXPENSES will decrease in CREDIT side of the account.

• TRUE

• FALSE

Land & Building is one of Non Current Liabilities.

• TRUE

• FALSE

Discount received is one of examples of

• Expenses

• Revenue

Bank Overdraft is one of the examples of

• Current Asset

• Current Liability