Podcast
Questions and Answers
What amount was the owner started with in cash and bank at the beginning of May?
What amount was the owner started with in cash and bank at the beginning of May?
- £2,200 in cash and £800 in the bank
- £1,400 in cash and £290 in the bank
- £800 in cash and £2,200 in the bank (correct)
- £10,000 in cash
How much was paid in cash for rent during May?
How much was paid in cash for rent during May?
- £360
- £200 (correct)
- £180 (correct)
- £25
What was the total amount of goods purchased on credit?
What was the total amount of goods purchased on credit?
- £1,500
- £2,972
- £2,038 (correct)
- £1,529
What was the cash amount withdrawn by the proprietor for personal use?
What was the cash amount withdrawn by the proprietor for personal use?
What amount was received from selling goods for cash?
What amount was received from selling goods for cash?
Flashcards
Double-Entry Bookkeeping
Double-Entry Bookkeeping
The process of recording financial transactions in a way that ensures every transaction affects at least two accounts, maintaining a balance in the accounting equation (Assets = Liabilities + Equity).
Trial Balance
Trial Balance
A financial statement that lists all the accounts used in a business, their debit and credit balances, and ensures the total debits equal the total credits.
Inventory
Inventory
A list of all the goods or services a business has on hand to sell, valued at their cost price.
Accounts Payable
Accounts Payable
Signup and view all the flashcards
Accounts Receivable
Accounts Receivable
Signup and view all the flashcards
