EMS0928

The process of finding out the balance of a ledger account is known as __________.

If I buy an asset my bank account will be_______.

• Debited

• Credited

When income is reduced, the income account is ______

• Credited

• Debited

Which accounts are affected when the owner invests R12 000 as capital in the business.

• Assets

• Owners Equity

• Liability

Which accounts are affected when the business buys equipment from Model Suppliers.

• Owners Equity

• Assets

• Liabilities

Which accounts are affected when goods are sold for cash.

• Liabilities

• Assets

• Owner Equity

Which accounts are affected when the owner takes cash for his personal use.

• Assets

• Owners Equity

• Liabilities

Which accounts are affected when the business receives an cash from J. van Schalkwyk for his account.

• Owners Equity

• Liabilities

• Assets

When the business deposits cash into the business my bank account will be _______

• Credited

• Debited

Every transaction affects at least two accounts - this is known as________.

• Double entry system

• Single entry system

• Triple entry system