Chapter 2 The Double entry

Question 1

Explain how a typical ledger account would be constructed?

Answer 1

It has a debit (left)and credit side (right) and has columns of date, detail, ref and amount.

Question 2

What are the left and right-hand sides known as?

Answer 2

DEBIT & CREDIT SIDES

Question 3

What are the 3 groups of Ledger accounts?

Answer 3

Sales ledger, Purchase ledger and General ledger

Question 4

Office Equipment Depreciation?

Answer 4

Credit