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Double Entry
Game Code: 346663
English
26
Public
Concept of Double Entry and Trial Balance
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Assets are debited or credited when increasing?
Debited
10
Assets are debited or credited when decreasing?
Credited
10
Expenses have a normal debit or credit balance?
Debit
10
Revenues have a normal debit or credit balance?
Credit
10
A payable or money owing is classed as an expense or a liability?
liability
10
Capital is Debited or Credited?
Credited
10
What are 3 examples of an asset?
cash, inventory, debtors, cars, buildings
10
Give three examples of an expense
rent, motor, insurance, wages, depreciation
10
When increasing a liability we credit or debit?
credit
10
when decreasing a liability we debit or credit?
debit
10
Bought a motor van for $1,000 cash what are the two transactions?
Motor Van and Cash
10
Rishi started his business with $20,000 in the bank what are the two transactions?
Capital and Bank
10
We paid our telephone bill paying $300 in cash what are the two transactions?
telephone expense and cash
10
Randall received $1,000 rent in cash from a building what are the two transactions?
rent received and cash
10
We returned some light bulbs because some were not lighting properly to Boodoo's Electrical LTD. What are the accounts?
Return Outwards, Boodoos Ltd
10
A customer returned some chairs that was sold by Chairs R Us ltd, what are the accounts?
Return Inwards and Chairs R Us ltd
10
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