Basic Accounting

What is accounting ?

• a mandatory element of financial statement

• list of assets

• the language which provides information about an organization financial position

Please choose all receivables:

• funds from the rented flat

• funds to be received from loan

• salary

Please choose all answers which describe our payables:

• refer a friend at work

• monthly bill for phone

• loan repayment

Which answer is correct ?

• the balance sheet is a list of assets and source of financing at given date and defined form

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

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

Where did you book imcome from sales ?

• Dt side

• both

• Ct side

Where did you book cost of bank charges ?

• Dt side

• both

• Ct side

Where did you book incoming payment in Bank Account ?

• both

• Dt side

• Ct side

Choose the right booking of financial transaction :materials purchase paid from bank account:

• Dt Materials/Ct bank account

• Ct Cash/ Dt Bank account

• Dt bank account/ Ct Materials

Active balance sheet account principle mean :

• Dt+/Ct -

• Dt +/ Ct +

• Dt -/Ct +

Passive balance sheet account principle means ?

• Dt +/Ct +

• Dt +/ Ct -

• Ct +/Dt -