The accountant's term to indicate that an entry will be recorded on the left-side of an account is ___
Credit
Debit
Cash Balance
Neither debit or credit
The accountant's term to indicate that an entry will be recorded on the left-side of an account is Debit.
The accountant's word to indicate that an entry will be recorded on the right-side of an account is ___.
When there is only one entry in an account on the credit side, then what shall be the balance of that ledger account?
The accountant of a small firm feels that incomplete records system should not be followed. In spite of that it is easy to maintain accounts on single entry basis. The accountant suggest that double entry accounting system should be followed. Is the suggestion correct? Give reasons.
Mr Ram purchased an asset for his business in cash. He is of the view that cash account shall be recorded on the left side, as cash is an asset while asset account should be recorded on the right side as there is an increase in the asset. Which of the following is incorrect in this transaction?