Podcast
Questions and Answers
Which of these ledger accounts have a credit balance?
Which of these ledger accounts have a credit balance?
- Capital (correct)
- Debtors
- Cash
- Rent
The excess of revenue over expenses is known as?
The excess of revenue over expenses is known as?
- Transaction
- Exchange
- Income (correct)
- Value
The principal book of accounting is popularly known as?
The principal book of accounting is popularly known as?
- Source documents
- Ledgers (correct)
- Business invoices
- Subsidiaries
What document is used to correct overcharge and mostly serve as evidence of returns inward when sent by a business?
What document is used to correct overcharge and mostly serve as evidence of returns inward when sent by a business?
The journal for special accounts is?
The journal for special accounts is?
The motive for accounting is to provide means for?
The motive for accounting is to provide means for?
How do you increase a debit ledger?
How do you increase a debit ledger?
Received bank interest of N120,000. The receiving account is _ account?
Received bank interest of N120,000. The receiving account is _ account?
Flashcards
Credit Balance Ledger Account
Credit Balance Ledger Account
A type of ledger account that has a credit balance, meaning the total amount of credits is greater than the total amount of debits.
Income
Income
The excess of revenue earned over expenses incurred during a specific period.
Principal Book of Accounting
Principal Book of Accounting
The main book of financial records in accounting, containing all ledger accounts.
Credit Note
Credit Note
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General Journal
General Journal
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Motive for Accounting
Motive for Accounting
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Increasing a Debit Account
Increasing a Debit Account
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Receiving Account for Bank Interest
Receiving Account for Bank Interest
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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.
