Chapter 3: Double entry bookkeeping and preparations of financial statements Flashcards
1
Q
What does DEAD stand for?
A
Debit
Expenses
Assets
Drawings
2
Q
What does CLIC stand for?
A
Credit
Liability
Income
Capital
3
Q
What is stationery and purchases treated as?
A
An expense
4
Q
Do profit and loss ledger starts from nil each year?
A
Yes
5
Q
A
