4.6 - Basic Accounting Process
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Practice Questions
Test your understanding with targeted questions
What is the purpose of identifying financial transactions?
💡 Hint: Think about the importance of tracking financial activities.
What is the journal in accounting?
💡 Hint: It serves as the original entry point for financial data.
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Interactive Quizzes
Quick quizzes to reinforce your learning
What is the first step in the basic accounting process?
💡 Hint: Think about what needs to happen before anything can be recorded.
True or False: The trial balance ensures that total debits may not always equal total credits.
💡 Hint: Consider what the purpose of a trial balance is.
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Challenge Problems
Push your limits with advanced challenges
A company purchased machinery for ₹50,000 and paid ₹20,000 in cash while the rest was on credit. What will be the entries in the journal?
💡 Hint: Break down the amounts and categorize them as per the transaction rules.
You're preparing a trial balance but find that total debits are ₹150,000 and total credits are ₹145,000. What steps would you take to investigate and rectify this?
💡 Hint: Think about common mistakes in journal entries or posting to accounts.
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