5.1 Based on the principle of double entry, every financial transaction has ………… aspects.
5.2 Every account has a ………… and ………. side.
5.3 Mr. Letter bought two customised IPads from Mr. Ada (owner of Toys and Tech Enterprises) for ₦510,000. Toys and Tech Enterprises issued an invoice of ₦510,000 to Mr. Letter. Five minutes after, Mr. Letter paid for the IPads using bank transfer. About three minutes later, Mr. Ada received the credit alert through the business telephone. Thereafter, Mr. Letter transported the IPads to his business premises. Mr. Letter is the sole owner of Early Childhood Toys and Tech Enterprises. How should the double entry principle be applied to record the transaction in the accounting books of Toys and Tech Enterprises?
5.4 …… are those incomes that do not necessarily arise from a reporting entity’s ordinary activities.
5.5 ………. are a reduction of resources or an increase in obligations, which culminate in a reduction of equity.
5.6 …….... are economic benefits are attributable to cash inflows or increases in assets (that is, non-current and current assets) or decrease in liabilities (that is, non-current and current) that culminate in increases in equity.
5.7 In a limited liability company, equity is raised through issue of …….
5.8 An increase in the value of a liability is ……. in the liability’s account.
5.9 An increase in the value of an asset is ………. in the asset’s account.
5.10 An increase in the value of an expense is ………. in the expense’s
account.
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