Double Entry Book Keeping Flashcards
(8 cards)
1
Q
Double Entry Book Keeping
Debit entries are always made on the (Right/Left) side of the T Account ?
A
Left
2
Q
Double Entry Book Keeping
Credit entries are always made on the (Right/Left) side of the T Account ?
A
Right
3
Q
(Debit/Credit) entries record an Asset or an Expense ?
A
Debit
4
Q
(Debit/Credit) entries record a Liability or an Income item ?
A
Credit
5
Q
Money invested into the business by the owner(s) is called C…… ?
A
Capital
6
Q
The purchase of non-current assets is known as (Capital/Revenue) expenditure ?
A
Capital expenditure
7
Q
(Captial/Revenue) expenditure is where items are bought for use within the business quite quickly ?
A
Revenue expenditure
8
Q
Day to day running expenses of the business are called (Capital/Revenue) expenditure ?
A
Revenue expenditure
