Double Entry System

The Double Entry System is established as a:

The Double Entry System was described in the year:

The Double Entry System was introduced by:

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?

Mrs. Shahela: total assets 1,20,000 and total liabilities 35,000 on 01/01/2025. Beginning capital is:

Mrs. Shahela: total assets 1,50,000 and total liabilities 55,000 on 31/12/2025. Ending capital is:

Mrs. Shahela: beginning capital 85,000, ending capital 95,000, additional capital 20,000, drawings 30,000. Profit/Loss:

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 is:

The amount of profit in the year 2025 is:

Kobi & Chhobi Traders: Tk.15,00,000 brought as capital in cash. Entry:

Kobi & Chhobi Traders: cloth Tk.2,50,000 purchased on credit. Entry:

Kobi & Chhobi Traders: furniture Tk.60,000 purchased in cash. Entry:

Kobi & Chhobi Traders: salary Tk.48,000 paid to manager. Entry:

Kobi & Chhobi Traders: Tk.8,500 commission received in cash. Entry:

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:

Pew Traders (Khalek): July transactions include furniture Tk.66,000 purchased on July 4. Total fixed assets purchased in July are:

Pew Traders: transportation cost Tk.4,000 to bring furniture purchased earlier — debited to:

Riyad Enterprise: beginning total assets Tk.5,50,000 and beginning total liabilities Tk.1,70,000. Beginning capital:

Riyad Enterprise ending: cash 1,85,000 + furniture 1,80,000 + A/R 1,30,000 + inventory 90,000 = total assets: