4.5.3 - Helps in balancing books
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Practice Questions
Test your understanding with targeted questions
What does a debit represent in the accounting system?
💡 Hint: Think about what happens when you make a purchase.
Why is it essential to balance books?
💡 Hint: Consider the impact on financial decisions.
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Interactive Quizzes
Quick quizzes to reinforce your learning
What is the primary purpose of the Double Entry System?
💡 Hint: Think about what balance refers to in accounting.
True or False: Every transaction in the Double Entry System affects only one account.
💡 Hint: Recall how each transaction is balanced.
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Challenge Problems
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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.
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.
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