Principles of Accounting

financial transactions

barter system

settlements

receipts/payments

Chart of accounts

Account balances

Journal

Trial balance

A credit to cash

A credit to Capital

A debit to capital

A debit to accounts payable

it is substantiated by a documentary evidence

it has tax implication

it is so required by the Management

it is mandatory as per Statutory requirement

Adjusting Entries

dividends

Closing entries

Pac-Man

Profit

Salary

Income

Goldfish

Stock of 60000 will be shown as closing credit balance in Y’s Account as ‘To Balance c/d’.

Stock of 26400 will be shown as closing debit balance in Y’s Account as ‘By Balance cd’.

Closing stock of 60000 will not appear in Y’s Account.

None of these.

An increase

A decrease

Left

Right

role trader

partnership

company

all of the above

cost center

revenue center

profit center

investment center