Steps to Recording Transactions (Grade 12 NSC Matric Accounting): Quizzes
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Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What is the first step when recording a business transaction?
What is the first step when recording a business transaction?
Read and understand the transaction
How many accounts does every transaction affect due to the double entry principle?
How many accounts does every transaction affect due to the double entry principle?
At least two accounts
Which of these is classified as an asset account?
Which of these is classified as an asset account?
Equipment
When an expense increases, which action should you take?
When an expense increases, which action should you take?
Debit the expense account
When an asset decreases, which action should you take?
When an asset decreases, which action should you take?
Credit the asset account
For an asset account, what should you ask to determine its treatment?
For an asset account, what should you ask to determine its treatment?
Is it increasing or decreasing possessions?
What should you use to indicate no effect on a category in the recording format?
What should you use to indicate no effect on a category in the recording format?
A zero
When a bank account shows a favourable balance, how is it treated?
When a bank account shows a favourable balance, how is it treated?
As an asset with a debit balance
How do expenses affect owner's equity?
How do expenses affect owner's equity?
Expenses decrease owner's equity
What must always happen to the accounting equation after recording each transaction?
What must always happen to the accounting equation after recording each transaction?
It must remain balanced