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Book Keeping

Basic Bookkeeping

Key Points

  • Assets = Liabilities + Capital (accounting equation)
  • Invoice: bill from seller; Receipt: proof of payment
  • Cash Book records all cash and bank transactions
  • Trial balance: total debits must equal total credits
  • Errors not detected: omission, commission, principle, compensating

Practice Questions

2 questions
1

A document sent by a seller to a buyer requesting payment for goods supplied is called:

2

The double-entry principle states that every transaction has: