The following comments each relate to the recording of journal entries. Which statement is true?
A. For any given journal entry, debits must exceed credits
B. It is customary to record credits on the left and debits on the right
C. The chart of accounts reveals the amount to debit and credit to the affected accounts
D. Journalization is the process of converting transactions and events into debit/credit format
Answer: Option D
This Question Belongs to Commerce >> Miscellaneous In Commerce
A. Expenditure for the business
B. Cost for the business
C. Gain for the business
D. None of the above
Which of these items would be accounted for as an expense?
A. Repayment of bank loan
B. Dividend to stock holders
C. The purchase of land
D. Payment of current period rent
Debit the receiver credit the giver rule for:
A. Real a/c
B. Personal a/c
C. Nominal a/c
D. None of these
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