Accounting Basics Quiz

The main books used in accounting for Class 11th Accountancy are ledger, journal, cash book, and subsidiary book.

The purpose of a ledger in accounting is to record and summarize all the transactions of a business in a systematic manner.

The role of a cash book in accounting is to record all cash transactions, including receipts and payments, in a chronological order.

<p>The basic accounting terms discussed in the chapter include ledger, journal, cash book, subsidiary book, introduction to accounting, basic accounting terms, theory based on accounting, bases of accounting, accounting equation, account rules of debit and credit, origin of transaction, and other books.</p> Signup and view all the answers

<p>The accounting equation is a fundamental concept in accounting that states that assets equal liabilities plus owner's equity.</p> Signup and view all the answers

<p>The rules of debit and credit in accounting are as follows: Debit is used to record increases in assets and expenses, and decreases in liabilities, income, and owner's equity. Credit is used to record increases in liabilities, income, and owner's equity, and decreases in assets and expenses.</p> Signup and view all the answers