Double Entry System

The Double Entry System is established as a:

The Double Entry System was described in the year:

In the Double Entry System, every transaction has at least:

In the Double Entry System, the two parties of a transaction are:

In the Double Entry System, the amount written for both debit and credit is:

At any time of the year, the total amount of debit is always:

There is no alternative to the Double Entry System for knowing:

Why is the Double Entry System more popular for keeping accounts?

Salaries paid to office staff Tk.5,000 — under double entry system, salaries account is:

When salaries are paid in cash, cash account is:

In every transaction, one party acts as:

The account receiving the benefit is:

The account giving the benefit is:

Features of the Double Entry System include:

In every transaction under double entry system, the amount of debit and credit will be:

The total of debit side should be equal to the total of:

What is the core principle of the Double Entry System?

Net profit or loss can be calculated by preparing:

Arithmetic accuracy can be tested on a certain date by preparing:

Financial position of a firm is determined by preparing:

The Double Entry System helps in detecting and preventing:

Under double entry system, excessive expenses can be:

Owner can detect total dues and receivables at:

Various taxes like income tax, VAT, import-export duty become acceptable to authorities because:

The Double Entry System is recognized as:

Under double entry system, advantages include:

The primary elements of the accounting equation are:

Increase of an asset is:

Decrease of an asset is:

Increase of liability is:

Decrease of liability is:

According to the principle of accounting, the owner and the business have:

Owner's equity is treated as a kind of:

Increase of owner's equity is:

Decrease of owner's equity is:

Increase of revenue is:

Decrease of revenue is:

Increase of expense is:

Decrease of expense is:

Increase of expense leads to:

Mr. Hasan started business with Tk.50,000 cash as capital. The entry is:

Bought furniture for business Tk.5,000 — entry is:

Paid employees' salary Tk.6,000 — entry is:

Purchased goods Tk.20,000 in cash — entry is:

Deposited Tk.25,000 into bank — entry is:

Sold goods Tk.18,000 in cash — entry is:

Paid cheque for advertisement Tk.7,000 — entry is:

Received commission Tk.3,000 in cash — entry is:

Received interest from bank Tk.1,200 — entry is:

Sold goods on credit Tk.15,000 — entry is:

Paid cheque for rent Tk.6,000 — entry is:

Cash Tk.8,000 withdrawn from bank for business — entry is:

Purchase return — under double entry system, the entry is:

Owner withdrew cash Tk.10,000 from business — entry is:

The book in which transactions are recorded firstly is called:

The Ledger is also known as the:

Goods purchased on credit are recorded in:

Goods sold on credit are recorded in:

Return of goods purchased on credit is recorded in:

Return of goods sold on credit is recorded in:

Cash receipts are recorded in:

Cash paid transactions are recorded in:

Transactions not recorded in any specific journal are recorded in:

The book where all journal transactions are transferred individually to related accounts is called:

The continuous cycle of accounting steps is known as:

The first step of the accounting cycle is:

The second step of the accounting cycle is:

Recording analyzed accounts in the journal chronologically is called:

Posting refers to:

The trial balance is prepared to verify:

Adjusting entries are made for:

Which is used as a rough working paper of financial statements?

Through financial statements, the business's:

Closing entries are necessary because:

Post-closing trial balance contains the remaining balances of:

Which of the following is the correct sequence in the accounting cycle?

The total number of steps in the accounting cycle described in the chapter is:

According to the going concern concept, a business will go on for:

At the beginning of each accounting period, all assets are:

At the beginning of each accounting period, all liabilities are:

The continuity of accounts is based on the:

Single entry system is suitable for businesses that are:

Single entry system is:

Under single entry system, accounts are usually kept of:

Under single entry system, keeping income and expense records is:

Beginning capital under single entry system is calculated as:

Ending capital under single entry system is calculated as:

Profit/Loss formula under single entry system is:

If the opening capital is Tk.70,000 and the closing capital is Tk.90,000 (no drawings, no additional capital), the profit/loss is:

Which of the following is correct?

What is the beginning capital of Mrs. Shahela's business?

What is the ending capital of Mrs. Shahela's business?

What is the profit or loss of Mrs. Shahela's business for the year?

Difference between (Ending Capital + Drawings) and (Beginning + Additional Capital), if the former is greater, indicates:

The amount of beginning capital of Ruma Traders is:

The amount of ending liabilities of Ruma Traders is:

The amount of profit of Ruma Traders in the year 2025 is:

What is the entry in Kobi & Chhobi Traders for the capital brought in cash?

What is the entry in Kobi & Chhobi Traders for the cloth purchased on credit?

What is the entry in Kobi & Chhobi Traders for the furniture purchased in cash?

What is the entry in Kobi & Chhobi Traders for the salary paid to the manager?

What is the entry in Kobi & Chhobi Traders for the commission received in cash?

Goods worth Tk.1,20,000 purchased by cheque with 5% trade discount. Net amount debited to purchase:

Abdur Rahman Enterprise: started with cash Tk.2,40,000, machinery Tk.56,000, goods Tk.21,000. Initial capital is:

Alam Services Center: started with cash Tk.5,00,000, furniture Tk.75,000, bank loan Tk.55,000. Opening capital is:

What is the total amount of fixed assets purchased by Pew Traders in July?

The transportation cost paid by Pew Traders to bring the furniture is debited to:

What is the beginning capital of Riyad Enterprise?

What is the total amount of ending assets of Riyad Enterprise?