Basic Accounting

What is accounting

• a mandatory element of financial statement

• the language which provides information about an organization financial position

• list of assets

Please choose all receivables:

• funds from the rented flat

• salary

• funds to be received from loan

Please choose all answers which describe our payables:

• refer a friend program at work

• loan repayment

• monthly bill for phone

Which answer is correct?

• The balance sheet is a list of assets and source of financing prepared at a given date and defined format

• double entry means that booking could be done just on one side

• a cost account belonging to a group of Balance sheet account

Where did you book income from sales?

• Dt side

• Ct side

• both

Where did you book cost paid bank charges?

• Dt side

• Ct side

• both

Where did you book incoming payment in Bank account?

• Both

• Ct side

• Dt side

Choose the right booking of financial transactions: Materials purchase paid from bank account:

• DT Materials / CT Bank account

• DT Bank account / CT Materials

• CT Cash / DT Bank account

Active balance sheet account principle mean:

• DT + / CT -

• DT - / CT +

• DT + / CT +

Passive balance sheet account principle mean?

• DT +/ CT +

• CT +/DT -

• DT + / CT -