Question-19: How is the dual aspect of the transaction analyzed?Īnswer: One party will receive and the other party will provide. Question-18: What is the modern method used to determine the debit-credit of various accounts? Question-17: which is affected by each transaction in the double-entry accounting system?Īnswer: Accounting Equation is affected by each transaction in the double-entry accounting system. Question-16: For each transaction, what does a double-entry accounting system produce?Īnswer: a double-entry accounting system produces two retrograde outcomes of equal value. Question-15: What is the final result of the double-entry system?Īnswer: The double entry system’s final result is that total asset equal total liabilities. Increases in liabilities, Owners equity & income.Decreases in liabilities, owners’ equity & income.
Question-12: In the double-entry system, what is the account that provides benefits?Īnswer: The account that provides benefits is Creditor. Question-11: What is the name of the account that benefits from the double-entry system?Īnswer: The name of the account that benefits from the double-entry system are Debtor. Question-10: In a double-entry system, which book transactions are recorded first?Īnswer: The Journal is the first book where transactions are recorded. Question-9: Why is the double-entry system called the scientific method?Īnswer: The double entry system is called the scientific method because it verifies the mathematical accuracy of the calculation. Question-8: What is a complete and scientific method of accounting? Question-7: What types of books are maintained under a double entry system?Īnswer: The books are maintained under the double-entry system is as follows: Question-4: What are the principles of the double-entry system?Īnswer: The principles of double-entry system are as follows:Īnswer: The left side of an account is called Debit.Īnswer: The right side of an account is called Credit. The complexity of the accounting system,.Question-3: What are the demerits of the double-entry system?Īnswer: The demerits of the double-entry system are as follows: Question-2: What are the benefits of the double-entry system?Īnswer: The benefits of the double-entry system are as follows: Question-1: What is a double-entry system?Īnswer: The system of recording two aspects of a transaction is known as a double-entry system.
Short Questions and Answers- Double Entry System If you want to do well in accounting, practice these 25 short questions and their answers on a regular basis.įor theory please read this article Double Entry System of Accounting. Duolingo 50 Words Essay Questions And Answers.
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