Question

2. State whether the following statements are True or False:
(0) A Journal presents chronological record of transactions.
(ii) When two accounts are debited or credited, it is a case of simple entry.
(iii) Sale of old furniture to Paresh for cash should be debited to Paresh's Account.
(iv) The book in which a transaction is first recorded is known as Journal.
(v) Increases in assets are debited and decreases in assets are credited.
(vi) Discount allowed to customer is an expense for business.
(vii) Proprietor's Drawing is a Nominal Account.
(viii) Creditors Account should never be debited.
(ix)
Debit the giver and credit the receiver is the rule of Personal Accounts.
(x) Some of the transactions may have only one account.
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Answer 1

Answer:

1. True
2. True
3. True
4. True
5. True
6. True
7. False
8. False
9. True
10. False

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