Explanation:
Rent Receivable is an asset account in a landlord's general ledger that shows the amount of rent that has been earned but not yet received as of the balance sheet date.
The correct answer:
True
Please select 2 correct answers
The correct answer:
Rent Account
Bank Account
Explanation:
The debit and credit sides of a double-entry are equal and corresponding. The debit side is on the left, and the credit side is on the right.
Explanation:
The DEBIT entry is always made on the left side of the ledger.
The correct answer:
Sales
The correct answer:
True
Explanation:
The accounting system is a double-entry system, meaning that every business transaction that needs to be documented or recorded has two effects. Because of the following factors, this system is more accurate:
Misappropriation is minimized: Every transaction is first categorized into assets, liabilities, expenses, revenue, and capital, then recorded properly, allowing for the detection of any misappropriations.
To check for arithmetic mistakes in records, do the following: The dual entry principle, which states that for every debit, there is an equal and equivalent credit amount, underpins the double-entry bookkeeping system. This debit and credit system aids in assuring the arithmetical accuracy of transaction records.
Fraudulent opportunities are reduced: Accounting records assist firms in detecting frauds and errors that have occurred in the course of business and taking steps to prevent them from happening again. Mistakes and deflections can be caught using this approach, putting moral pressure on the accountant and his team.
Explanation:
The dual principle underpins the double-entry accounting system. Every commercial transaction has two effects: one that reflects the debit and the other that reflects the credit. There will be a credit for every debit and vice versa.
