Week 3 and 4 double entry

For every credit entry, there must be a corresponding -------- entry.

• complete

• debit

• double

• reversal

Dr in the ledger stands for-----------

• debit

• discount

• debtor

• director

In application of double entry principle, every transaction involves----- accounts.

• 5

• 4

• 2

• 1

Which of the following is not an expenses.

• salary

• wages

• loan

• rent

The transfer of entries from journals into ledger is called

• classifying

• drafting

• posting

• moving

A typical ledger is divided into -------- parts.

• 2

• 3

• 4

• 1

Secondary book of entry is called----------

• ledger

• journal

• petty book

• cash book

------- is termed the money owed to outsiders

• assets

• liabilities

• capital

• borrowed money

---------- is anything accepted by people as a means of payment for goods and services.

• money

• letter

• stock

• teller

------------- is one for which payment is postpone for a future date.

• future transaction

• cash transaction

• credit transaction

• discount transaction