Advertisements
Advertisements
Question
Answer in one sentence only.
Why does cash account never shows a credit balance?
Solution
Available cash with the business is an asset of the business and the account of every asset shows debit, cash account always shows debit balance.
APPEARS IN
RELATED QUESTIONS
Answer in one sentence only
What is Ledger?
Answer in one sentence only
What is Folio?
Write the word, term, phrase, which can substitute the statement.
Principal Book of accounts.
Select appropriate alternatives from those given below and rewrite the sentence.
‘c/d’ indicates _______ balance
Select appropriate alternatives from those given below and rewrite the sentence.
__________ Column of ledger is used for writing page number of Journal.
Select appropriate alternatives from those given below and rewrite the sentence.
Debtors Account shows ___________ balance.
Select appropriate alternatives from those given below and rewrite the sentence.
_________ is the process of deriving the difference between totals of the debit and credit side of each ledger a/c.
State whether the following statements are ‘True or False’ with reasons.
Ledger is a book of original entry.
State whether the following statements are ‘True or False’ with reasons.
When debit side of an account is greater then the credit side, the account shows debit balance.
State whether the following statements are ‘True or False’ with reasons.
The name of an account written on top of each account is called ‘Head of Account'.
Fill in the blank:
________ balance on Nominal Account shows expenses or loss.
Fill in the blank:
Cash account always shows ______ balance
Fill in the blank:
The right hand side of an account is called ___________ side.
Fill in the blank:
Creditors shows _________ balance
Fill in the blank:
‘b/d’ means __________.
Fill in the blank:
Rent paid for the residential quarter will be debited to ____________ account.
Complete the following table:
| Sales Return | Return Inward |
| Purchase Return | ? |
Complete the following table:
| L.F. | Journal |
| ? | Ledger |
Complete the following table:
| Assets | Debit Balance |
| Liabilities | ? |
Answer in one sentence only.
Why Proprietor’s Capital account is a liability for the business?
