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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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