Rules of Debit and Credit
Commerce ⇒ Accountancy
Rules of Debit and Credit starts at 11 and continues till grade 12.
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Describe the rule of debit and credit for a revenue account.
Describe the rule of debit and credit for a sales account.
Explain the rule of debit and credit for a bank account.
Explain the rule of debit and credit for a creditor’s account.
Explain the rule of debit and credit for a drawings account.
Explain the rule of debit and credit for an asset account.
Explain the rule of debit and credit for capital account.
State the rule of debit and credit for a debtor’s account.
Which account is debited when rent is paid in cash? (1) Rent Account (2) Cash Account (3) Capital Account (4) Sales Account
Which of the following accounts is debited when cash is received from a debtor? (1) Cash Account (2) Debtor’s Account (3) Sales Account (4) Capital Account
Which of the following is credited when a loan is taken from a bank? (1) Bank Account (2) Loan Account (3) Capital Account (4) Cash Account
Which of the following is credited when capital is introduced into the business? (1) Cash Account (2) Capital Account (3) Drawings Account (4) Sales Account
Fill in the blank: In the case of an expense account, an increase is recorded on the ______ side.
Fill in the blank: The rule for a revenue account is to ______ the increase and debit the decrease.
Fill in the blank: When a customer returns goods, the Sales Return Account is ______.
Fill in the blank: When a debtor pays his dues, the Cash Account is debited and the Debtor’s Account is ______.
Is the following statement true or false? 'Revenue accounts are increased by credits.'
Is the following statement true or false? 'When a liability is created, the liability account is credited.'
Is the following statement true or false? 'When an asset is purchased, the asset account is credited.'
Is the following statement true or false? 'When an expense is incurred, the expense account is credited.'
