This quiz, titled 'Essential Book Keeping - QP2', evaluates understanding of foundational accounting principles, including the debunking of common misconceptions about bookkeeping systems and principles. It assesses knowledge of historical cost recording and accounting concepts, essential for anyone learning or reviewing basic accounting.
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Debit entries are recorded on the left hand side of the page
Credit entries are recorded on the right hand side of the page
No more than one account on a single page
The name of the account should be written on the bottom of the page
The page should be split up to allow the date, a brief description, a reference, and an amount for each transaction to be recorded
A folio column is usually used to cross reference to the other side of the double entry
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A new page is created for each account.
Each page is divided into three parts.
Every time an entry is made on the credit side of one account, an equal amount must be entered on the debit side of another account.
Each entry comprises the date, amount and a short description.
Accounts are broken down into three categories.
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Quiz Review Timeline (Updated): Mar 15, 2023 +
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