4.5 - Double Entry System of Accounting
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Practice Questions
Test your understanding with targeted questions
What is the fundamental principle of the Double Entry System?
💡 Hint: Think about how transactions affect accounts.
Define Debit.
💡 Hint: Consider how it affects accounts.
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Interactive Quizzes
Quick quizzes to reinforce your learning
In the Double Entry System, how many accounts are affected for every transaction?
💡 Hint: Consider the meaning of double entry.
True or False: The accounting equation is Assets = Liabilities - Capital.
💡 Hint: Recall the basic principle of accounting.
1 more question available
Challenge Problems
Push your limits with advanced challenges
A company received ₹15,000 in cash for services rendered. How do you record this in the Double Entry System?
💡 Hint: Identify which accounts are involved in this transaction.
If a business borrows ₹25,000 from the bank, what entries are required in the Double Entry System?
💡 Hint: Think about what the business receives and what it owes.
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