Rules of Debit and Credit
Commerce ⇒ Accountancy
Rules of Debit and Credit starts at 11 and continues till grade 12.
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See sample questions for grade 11
Describe the rule for debiting and crediting a liability account.
Explain the difference in the rules of debit and credit for Real and Nominal Accounts.
Explain the rule of debit and credit for Real Accounts.
Explain why capital is credited when introduced in the business.
Explain why expenses are debited in Nominal Accounts.
A business pays off a creditor. Which account is debited? (1) Cash Account (2) Creditor Account (3) Purchases Account (4) Sales Account
A business pays rent in cash. Which account is credited? (1) Rent Account (2) Cash Account (3) Capital Account (4) Bank Account
A business receives cash from a customer. Which account is debited? (1) Customer Account (2) Cash Account (3) Sales Account (4) Purchases Account
A business pays off a creditor. Which account is debited? (1) Cash Account (2) Creditor Account (3) Purchases Account (4) Sales Account
A business pays rent in cash. Which account is credited? (1) Rent Account (2) Cash Account (3) Capital Account (4) Bank Account
A business receives cash from a customer. Which account is debited? (1) Customer Account (2) Cash Account (3) Sales Account (4) Purchases Account
Identify the type of account for 'Rent Received'. (1) Personal (2) Real (3) Nominal (4) None of these
Fill in the blank: ______ the giver in Personal Accounts.
Fill in the blank: ______ the receiver in Personal Accounts.
Fill in the blank: ______ what comes in, Credit what goes out (Real Account rule).
Fill in the blank: Credit all ______ and gains in Nominal Accounts.
State whether the following is True or False: 'Debit what goes out' is the rule for Real Accounts.
True or False: All assets are debited when they increase.
True or False: All incomes are credited according to the rules of Nominal Accounts.
True or False: Decrease in capital is debited.
