The Double Entry System Of Book-keeping
Visão Geral
Every business transaction has two sides. When a shop buys a delivery van it gains a van but parts with money; when it borrows from a bank it gains cash but takes on a debt. The double entry system of book-keeping is the elegant idea that we record both sides of every transaction, once as a debit and once as a credit, in separate ledger accounts. Because the two sides are always equal, the books stay permanently in balance and the whole accounting framework is built on this single, dependable rule.
In this lesson you will learn how a ledger account is laid out, how to decide which account to debit and which to credit, and how to balance an account at the end of a period. You will post real transactions for assets, liabilities, expenses, income, drawings, purchases, sales and returns, then see how the ledger is divided into the sales, purchases and nominal ledgers. These are the foundation skills that every later topic in the course quietly depends on.
Objetivos
- the double entry system of book-keeping.
- how to prepare ledger accounts.
- how to post transactions to the ledger accounts.
- how to calculate ledger account balances and make transfers to financial statements.
- how to interpret ledger accounts and their balances.
- ledger accounts that may be presented using a three-column running balance format.
- the division of the ledger into the sales ledger, the purchases ledger and the nominal (general) ledger.
- how ledger accounts can be kept digitally.
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- In the double entry system, the account that receives value is: A. Credited B. Debited C. Balanced D. Carried down Answer: B
- A business buys a motor vehicle and pays by cheque. The correct entry is: A. Debit Bank, credit Motor vehicle B. Debit Motor vehicle, credit Bank C. Debit Motor vehicle, credit Capital D. Debit Purchases, credit Bank Answer: B
- Which ledger contains the personal accounts of credit customers? A. Nominal ledger B. Purchases ledger C. Sales ledger D. General ledger Answer: C
- A cash account has debits totalling $1 500 and credits totalling $900. The balance brought down is: A. $600 credit B. $2 400 debit C. $600 debit D. $900 debit Answer: C
- Goods taken by the owner for personal use are recorded as: A. Sales B. Purchases C. Drawings D. Capital Answer: C
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