Meaning of Double Entry - SS1 Accounting Past Questions and Answers - page 1
What is double-entry bookkeeping?
A method of recording financial transactions in one account
A method of recording financial transactions in two different accounts
A method of recording financial transactions in three different accounts
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Which of the following represents a debit entry?
Money coming in
Money going out
Money owed
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What is the purpose of double-entry bookkeeping?
To record transactions in a single account
To ensure the accounting records are balanced
To create a record of only debit entries
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Which accounts are involved in a double entry for a purchase made on credit?
Only the inventory account
Only the accounts payable account
Both the inventory account and the accounts payable account
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In double-entry bookkeeping, why are transactions recorded twice?
To make the accounting records more complicated
To identify errors in the accounting records
To make the accounting records longer
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Simply state the difference between a debit and a credit in double-entry bookkeeping in one sentence.
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Why is double-entry bookkeeping important for businesses?
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