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Questions and Answers
Which of these ledger accounts have a credit balance?
The excess of revenue over expenses is known as?
The principal book of accounting is popularly known as?
What document is used to correct overcharge and mostly serve as evidence of returns inward when sent by a business?
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The journal for special accounts is?
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The motive for accounting is to provide means for?
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How do you increase a debit ledger?
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Received bank interest of N120,000. The receiving account is _ account?
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Study Notes
Ledger Accounts and Journal
- Asset, Expense, and Dividend accounts typically have a debit balance.
- Liability, Equity, and Revenue accounts usually have a credit balance.
Profit and Accounting
- The excess of revenue over expenses is known as net profit or net income.
Accounting Books
- The principal book of accounting is popularly known as the ledger.
Accounting Documents
- A debit note is used to correct overcharge and mostly serves as evidence of returns inward when sent by a business.
Special Journals
- The journal for special accounts is the purchases journal.
Accounting Motive
- The motive for accounting is to provide means for decision-making and informed judgment.
Ledger Accounts Operations
- To increase a debit ledger, debit the account.
Bank Transactions
- Received bank interest of N120,000 is recorded in the bank account.
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Description
Test your knowledge on identifying ledger accounts with credit balance. Determine which accounts have a credit balance from the given options.
