Balancing an Account (Junior Cert Business Studies): Quizzes
📚Quizzes
Practise the questions
12 questions from this quiz
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Practise the questions
12 questions from this quiz
What does balancing an account show you?
What does balancing an account show you?
How much money remains at end of period
Which side of an account is the debit side and what is recorded there?
Which side of an account is the debit side and what is recorded there?
Left side; money coming in (income)
Which side of an account is the credit side and what is recorded there?
Which side of an account is the credit side and what is recorded there?
Right side; money going out (expenditure)
For a cash account, what does debit mean?
For a cash account, what does debit mean?
Money in your pocket
For a cash account, what does credit mean?
For a cash account, what does credit mean?
Money out of your pocket
In Step 1 of balancing, which total is written at the bottom of both columns?
In Step 1 of balancing, which total is written at the bottom of both columns?
The higher of the two totals
What is the formula for calculating the balance in Step 2?
What is the formula for calculating the balance in Step 2?
Balance = Higher total - Lower total
Where does the balance c/d (carried down) appear?
Where does the balance c/d (carried down) appear?
On lower total side, above total line
Where does the balance b/d (brought down) appear?
Where does the balance b/d (brought down) appear?
On opposite side, below the total
For cash accounts, which side will the balance b/d always appear on?
For cash accounts, which side will the balance b/d always appear on?
Debit side
What is the relationship between balance c/d and balance b/d amounts?
What is the relationship between balance c/d and balance b/d amounts?
They are the same amount
If Cian received €70 and spent €30, what is his balance?
If Cian received €70 and spent €30, what is his balance?
€40