WorksheetsS3 Intro to Double Entry/Ledgers
Total questions: 11
Worksheet time: 6mins
Who developed the double entry bookkeeping system?
Scientists
Merchants and traders
Politicians
Teachers
What did the book used in the double entry system detail?
Personal information of the traders
All amounts spent, earned, owed or owing
Recipes for cooking
Adventure stories
What was the book used in the double entry system called?
Journal
Ledger
Diary
Register
Why is it called "double entry" in accounting?
Because the transactions are entered twice for verification purposes.
Because every transaction is recorded in two separate ledgers.
Because it requires two different accountants to enter the data.
Because transactions are recorded at the beginning and end of the day.
What are the two types of entries used in every transaction?
Income and Expense
Asset and Liability
Debit and Credit
Cash and Accrual
How are the terms "Debit" and "Credit" often shortened in accounts?
Db and Cd
Dt and Ct
Dr and Cr
De and Ce
When J Whyte started his business with £5,000 in equity, which account should be credited?
Furniture
Machinery
Equity
Bank
When J Whyte bought machinery for £2,000 and paid for this by cheque, which account should be debited?
Furniture
Machinery
Equity
Bank
When J Whyte bought machinery for £2,000 and paid for this by cheque, which account should be credited?
Furniture
Machinery
Equity
Bank
When J Whyte bought furniture for £500 and paid for this by cheque, which account should be debited?
Furniture
Machinery
Equity
Bank
When J Whyte bought furniture for £500 and paid for this by cheque, which account should be credited?
Furniture
Machinery
Equity
Bank
