11th NCERT Accountancy Chapter 3
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– Why is the evidence provided by source documents important to accounting?
– Should a transaction be first recorded in a journal or ledger? Why?
– Are debits or credits listed first in journal entries? Are debits or credits indented?
– Why are some accounting systems called double accounting systems?
– Give a specimen of an account.
Summary:
1. Source documents like invoices and cash memos provide evidence of transactions in accounting.
2. Transactions should first be recorded in a journal before being posted to the ledger.
3. Debits are listed first in journal entries, and both debits and credits are usually indented.
4. Some accounting systems are called double accounting systems because they record each transaction in at least two accounts.
5. A specimen of an account shows the details of a specific account, including its balance.
These topics cover the importance of source documents, the process of recording transactions, and the structure of accounting entries .
Why is the evidence provided by source documents important to accounting?
Should a transaction be first recorded in a journal or ledger? Why?
Are debits or credits listed first in journal entries? Are debits or credits indented?
Why are some accounting systems called double accounting systems?
Give a specimen of an account.
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