.............. Ledger is used to record creditor accounts

.............. is a direct means of transferring money through the bank systems, which is initiated by the paying party.

.............. Ledger is used to record debtor accounts

Where balances are carried forward from one page to the next, ‘balance .........’ would appear at the bottom of one page and ‘balance .......’ at the top of the next page.

Book-keeping entries relating to Credit Sales are:

The term ‘account’ means .....

The main difference between ‘Expenses’ and ‘Drawings’ is that.......

In the transaction, ‘Goods sold for £210 on credit to T Smith’, which entries are correct?

From the transaction below: ‘You owed A John, a creditor £2,000 for the goods bought from him & you paid your debt within required time; hence 3% cash discount was received’.

How much cash discount did you received?

From the transaction below: ‘You owed A John, a creditor £2,000 for the goods bought from him & You paid your debt within required time; hence 3% cash discount was received’.

How much did you have to pay?

From the transaction below: ‘A Smith owed the business £1,800 for the goods sold to him & he paid his debt within required time; hence 3% cash discount was given to him’.

How much did A Smith actually pay?

From the transaction: ‘Credit purchase from A John at list price of £880, subject to 20% trade discount’. How much discount will the business receive?

T-type Ledger accounts has the following format:

According to double-entry rules, if an asset increases, .......

Which item below is not an asset?

According to double-entry rules, if a liability decreases, .......

A ....... is someone to whom you owe money after you buy on credit.

In the following transaction: ‘The owner puts a further amount into the business by cheque’, which account is debited and which account is credited?

A general term for amounts owing to persons other than the owner is ......

In the accounting equation, ........