EMS0833

The entry for the receipt of a payment is:

• Debit Bank, credit a creditor's account

• Debit Bank, credit another account

• Debit a debtor's account, credit another account

• Debit another account, credit Bank

Which one of the following normally has a debit balance?

• Liabilities

• Fixed assets

• Capital

• Income

Which of the following normally has a credit balance?

• Expenses

• Assets

• Capital

• Drawings

An account with a debit entry of R200 and a credit entry of R50 has a …. balance of R150.

• Credit

• Debit

• Debit and Credit

• None of the above

The entry for a payment by EFT is:

• Debit Bank, credit a creditor's account

• Debit another account, credit Debtors

• Debit a debtor's account, credit another account

• Debit another account, credit Bank

Balance sheet account section will always have an opening ____________.

The opening balance of Capital will always be on the __________ side.

The opening balances of Assets will always be on the __________ side.

The Current Income account has a __________ total.

The General Ledger will be balanced on the end of the _________.