The following initials are used in Bookkeeping - Junior Cycle Business Studies - Question 1 - 2018
Question 1
The following initials are used in Bookkeeping. What do they stand for?
B/D
GL
Dr
Worked Solution & Example Answer:The following initials are used in Bookkeeping - Junior Cycle Business Studies - Question 1 - 2018
Step 1
B/D
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Answer
B/D stands for 'Brought Down'. This term refers to the process of carrying a balance forward from one accounting period to another, ensuring that financial records are accurate and up to date.
Step 2
GL
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Answer
GL stands for 'General Ledger'. The General Ledger is a complete record of all financial transactions over the life of an organization, serving as the main accounting record.
Step 3
Dr
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Answer
Dr stands for 'Debit'. In bookkeeping, a debit is an entry on the left side of an account that increases assets or expenses, or decreases liabilities or equity.
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