The rules of double entry states that
...The rules of double entry states that
For every debit entry, there must be a corresponding debit entry
For every credit entry, there must be a corresponding credit entry
All transactions must be recorded in two accounts, one account is debited and another is credited
All transaction must be credited
Correct answer is C
Double entry system is the entry of debit and credit for each transaction in the ledger. Hence the double entry rules states that "debit the receivers, credit the giver".
Use the following information to answer the given question MANUFACTURING AND TRADING ACCOUNTS ...
Motor Vehicle Account as at 31st December 2001. Debit: Jan. 1, cost ................N1950 000 Dec...
A limitation of the money measurement concept is that ...
A financial plan of action expressed in monetary terms is known as ...
The value of the owner's equity is ...
The concept which underlines double entry bookkeeping is ...
Using the reducing balance method, the depreciation charged for year 2002 was Use the following i...
A set of instrument or programs which controls the operation of a computer is ...
The excess of value of assets over the purchase consideration on acquisition of a business is to ...