Grade 8 EMS Term 4 Lesson 2

State whether the following statement is true or false? To transfer information from the journals to the ledger is referred to as POSTING.

• True

• False

State whether the following statement is true or false? The General Ledger consists of two sections, namely the Balance Sheet and Nominal accounts sections.

• True

• False

Bank is a/an ....*

• Income

• Expense

• Asset

• None of the above

Assets increases on the ... side and decreases on the .... side*

• Credit; Debit

• Debit; Credit

Owner's equity increases on the ... side and decreases on the .... side

• Credit; Debit

• Debit; Credit

If you post the CPJ to the General Ledger: the Bank account must be...

• Debited

• Credited

 If you post the CPJ to the General Ledger: the Stationery account must be...

• Debited

• Credited

 If you post the CPJ to the General Ledger: the Equipment account must be...

• Debited

• Credited

If you post the CPJ to the General Ledger: the Telephone account must be...

• Debited

• Credited

If you post the CPJ to the General Ledger: the Drawings account must be...

• Debited

• Credited