Follow Our FB Page << CircleMedia.in >> for Daily Laughter. We Post Funny, Viral, Comedy Videos, Memes, Vines...


What is double entry book keeping?

Answers were Sorted based on User's Feedback



What is double entry book keeping?..

Answer / vkskumar171

DOUBLE ENTRY BOOK KEEPING MEANS THAN WE ARE DOING JOURNAL
ENTRIE THAN TWO SIDE EFFECT DR SIDE AND CR


EXAMPLE:

BANK A/C 500
TO CASH A/C 500

THIS ENTRIE SHOW BANK IS DR AND CASH IN CREDIT

BANK IS INCREASE
AND CASH IS DECREASE

Is This Answer Correct ?    12 Yes 1 No

What is double entry book keeping?..

Answer / akash jain

DOUBLE ENTRY BOOK KEEPING MEANS An accounting technique which records each transaction as both a credit and a debit. Credit entries represent the sources of financing, and the debit entries represent the uses of that financing. Since each credit has one or more corresponding debits (and vice versa), the system of double entry bookkeeping always leads to a set of balanced ledger credit and debit accounts. Selected entries from these ledger balances are then used to prepare the income statement.

Is This Answer Correct ?    3 Yes 0 No

Post New Answer

More Accounting AllOther Interview Questions

11. EOQ is the order quantity that========== over our planning horizon a) Minimizes total ordering costs b) Minimizes total carrying costs c) Minimizes total inventory costs d) The required safety stock

9 Answers   FactSet Systems, GHK,


Short Answer on ___________Cash Profit

0 Answers  


What is the difference between consumption and production

1 Answers   Telco,


what is the jornal entry for repairs

3 Answers  


EXPAND___________LMB

4 Answers  






sale tax which place effected

1 Answers  


What accounting records must a company charity keep, and for how long?

2 Answers  


how to do finalisation account ,pls tell me step by step ?

0 Answers  


How can i get GR form (GR No.) for Exports ? please give me a link of website with steps ?

0 Answers   John Deere,


Expand-------TCSM

1 Answers  


Deferred tax

1 Answers   Medinova,


What is the meaning of Debt reconciliation and how to do debt reconciliation?

0 Answers   Genpact,






Categories