DK Goel Solutions: Double Entry System | DK Goel Solutions - Class 11 Accountancy - Commerce PDF Download

Very Short Answer Type Questions

Q1: What is the double-entry system of book-keeping?
Ans: The double-entry system is an accounting system which affects at least two accounts simultaneously with every transaction. Two such examples are debit and credit account.

Q2: State two type of accounts
Ans: The two types of accounts are.
(i) Personal account
(ii) Real account
(iii) Nominal account

Q3: What are the personal account?
Ans: The account which is linked to a single company, institution, or a firm is known as a personal account.

Q4: What are the real account?
Ans: These are accounts whose value is estimated in money and the business properties are known as a real account. Few examples are furniture account, cash account, etc. 

Q5: What are the nominal account?
Ans: All the accounts which are only mentioned but does not really exist is known as nominal account. For instance expense and income account. 

Q6: What are a natural personal account? Give an example.
Ans: ‘Natural Personal Account’ means all the account linked to a human being.  Such as Priya’s account.

Q7: What are artificial personal accounts? Give an example.
Ans:  These accounts do not have a physical existence, such as human being, but are considered as a personal account.  For example, a company’s account. 

Q8: What are representative personal accounts? Give an example.
Ans: When an account represents an individual or a group of individual, is known as a representative personal account. Such as outstanding rent account. 

Q9: What is the rule of recording transactions in a personal account?
Ans: The rule of recording transactions in a personal account is depicting debitor as receiver and creditor as a giver.

Q10: What is the rule of recording transactions in a real account?
Ans: The rule of recording transactions in a personal account is recording debit as what comes in and credit as what goes out.

Q11: What is the rule of recording transactions in a nominal account?
Ans: The rule of recording transactions in a personal account is recording debit as losses and expenses and credit as gains ans income.