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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What does a debit represent in the accounting system?
💡 Hint: Think about what happens when you make a purchase.
Question 2
Easy
Why is it essential to balance books?
💡 Hint: Consider the impact on financial decisions.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What is the primary purpose of the Double Entry System?
- To increase revenue
- To ensure accuracy in accounting
- To simplify accounting
💡 Hint: Think about what balance refers to in accounting.
Question 2
True or False: Every transaction in the Double Entry System affects only one account.
- True
- False
💡 Hint: Recall how each transaction is balanced.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A company purchases equipment worth ₹50,000 on credit. How do you record this, and what accounts are affected?
💡 Hint: Consider what happens to assets and liabilities.
Question 2
Explain a scenario where failing to balance the books could lead to significant financial issues for a business.
💡 Hint: Think about the importance of accurate financial reporting.
Challenge and get performance evaluation