Accounts

• Bank balance is not a fixed asset.
• Fixed assets and current assets are categorised as per concept of - Going concern.
• Example of Personal account :- Credit.
• Pay of salary is recorded by - Debuting of accounting logical concept.
• Cash purchases:- Results is no change in total assets.
• Journal is a - Book of original entry.
• Purchase of fixed assets on credit is originally recorded in - Journal proper.
• Type of account with a named credit balance is :- Revenue account.
• Books wherein various accounts are opened:- Ledger.
• Credit balance as per cash book means:- Bank overdraft.
• Debit side of bank passbook corresponds to:- Credit Side of cash book.

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