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Commerce Exam  >  Commerce Notes  >  Very Short & Short Answer Questions - Double Entry System

Very Short & Short Answer Questions - Double Entry System - Commerce PDF Download

VERY SHORT ANSWER QUESTIONS

Q1.What is Double Entry System of Book-Keeping?

Ans: Double entry system refers to a system of accounting in which every transaction affects at least two accounts simultaneously. One of them is debited and other is credited.

Q2. State the Type of Accounts.

Ans: (i) Personal Accounts; (ii) Real Accounts, and (iii) Nominal Accounts.

Q3. What are Personal Accounts?

Ans: The accounts which relate to an individual, firm, company or an institution are called personal accounts.

Q4. What are Real Accounts?

Ans: The accounts of all those things whose value can be measured in terms of money and which are the properties of the business are termed as Real Accounts such as Cash Account, Furniture Account etc,

Q5. What are Nominal Accounts?

Ans: Ans. These are the accounts which are in name only and which do not really exist such as the accounts of all expenses and incomes.

Q6. What are Natural Personal Accounts? Give one example.

Ans: Accounts of 'Natural Persons' means the accounts of human beings. For example. Mohan's Account.

Q7. What are Artificial Personal Accounts? Give one example.

Ans: These accounts do not have physical existence as human beings but they work as personal accounts. For example,any Firrn's account.

Q8. What are Representative Personal Accounts? Give one example.

Ans: When an account represents a particular person or group of persons, it is termed as a representative personal account For example, 'Outstanding Rent' Account.

Q9.What is the rule of recording transactions in Personal Accounts?

Ans: Debit the receiver and Credit the giver.

Q10. What is the rule of recording transactions in Real Accounts?

Ans: Debit what comes in and Credit what goes out

Q11. What is the rule of recording transactions in Nominal Accounts?

Ans: Debit the expenses and losses and Credit incomes and gains.

Short Answer Questions

Q1. What are the types of accounts? Give two examples of each

Q2. "Every debit must have a corresponding credit?' Discuss,

Q3. State the types of Personal Accounts.

Q4. Give the rules of debit and credit of the three types of accounts.

Q5. Give the four reasons of the popularity of double entry system,

Q6. What is Intangible Real Account? Give two examples of such type of accounts.

Q7. Give two examples of Representative Personal Accounts.

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FAQs on Very Short & Short Answer Questions - Double Entry System - Commerce

1. What is the double-entry system in commerce?
Ans. The double-entry system is an accounting method in commerce where every financial transaction is recorded in at least two accounts, ensuring that the accounting equation (assets = liabilities + equity) remains balanced.
2. How does the double-entry system work?
Ans. In the double-entry system, every transaction is recorded using two entries: a debit entry and a credit entry. Debits increase assets and expenses, while credits increase liabilities, equity, and revenues. This system ensures that for every debit entry, there is an equal and opposite credit entry, maintaining the balance in the accounting equation.
3. Why is the double-entry system important in commerce?
Ans. The double-entry system provides accuracy and reliability in financial record-keeping. It helps businesses track and analyze their financial transactions, assess their financial health, and prepare accurate financial statements. Additionally, it helps prevent errors and fraud by ensuring that all transactions are balanced.
4. What are the advantages of using the double-entry system?
Ans. The advantages of the double-entry system include: - Accuracy: It provides a systematic and reliable way of recording financial transactions, reducing errors. - Accountability: It allows businesses to track and analyze their financial activities, aiding decision-making and accountability. - Comprehensive financial statements: It enables the preparation of accurate financial statements, which are essential for investors, creditors, and other stakeholders. - Fraud detection: The system's checks and balances make it harder for fraudulent activities to go unnoticed.
5. Can the double-entry system be used by individuals or is it only for businesses?
Ans. The double-entry system can be used by both individuals and businesses. While it is commonly associated with business accounting, individuals can also utilize its principles to manage personal finances effectively. By applying the double-entry system, individuals can track their income, expenses, assets, and liabilities in a more organized and accurate manner.
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Document Description: Very Short & Short Answer Questions - Double Entry System for Commerce 2024 is part of Commerce preparation. The notes and questions for Very Short & Short Answer Questions - Double Entry System have been prepared according to the Commerce exam syllabus. Information about Very Short & Short Answer Questions - Double Entry System covers topics like and Very Short & Short Answer Questions - Double Entry System Example, for Commerce 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises and tests below for Very Short & Short Answer Questions - Double Entry System.
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