ICAEW ACA Accounting Practice Questions - ICAEW ACA Certificate Level Accounting (Accounting Fundamentals) Exam

Access More Questions

Under the dual aspect (duality) concept underpinning double-entry bookkeeping, every transaction is recorded with equal entries. If a business buys inventory for GBP 2,000 on credit, what is the correct double entry?

Debit purchases GBP 2,000; credit trade payables GBP 2,000 Debit trade payables GBP 2,000; credit purchases GBP 2,000 Debit purchases GBP 2,000; credit cash GBP 2,000 Debit inventory GBP 2,000; credit sales GBP 2,000

Correct Answer:

Debit purchases GBP 2,000; credit trade payables GBP 2,000

Access more questions from this quiz

Continue to ICAEW ACA Accounting Practice Questions - ICAEW ACA Certificate Level Accounting (Accounting Fundamentals) Exam for more practice questions and the full quiz experience.

Access More Questions