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CA Foundation Accounting Equation — practice questions

Explore 2 free Accounting Equation questions in CA Foundation Accounting. Open each question or exercise to read its content, reference answers and available explanation.

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Accounting Equation questions and exercises with answers

Showing questions 1–2 of 2.

Match each book or statementRead the answer and worked solution →True or false: the accounting processRead the answer and worked solution →

Worked practice questions

Match each book or statement

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Matching pairs
  1. Left
    Journal
    Right
    The book of original entry for transactions
  2. Left
    Ledger
    Right
    Where entries are grouped account by account
  3. Left
    Trial balance
    Right
    Totals from the ledgers, checked for balance
  4. Left
    Balance sheet
    Right
    What the business owns and owes at a date
Instructions
Tap an item on the left, then tap what it is for.
_Source: ICAI CA Foundation Accounting Ch2 Accounting Process, CHAPTER 2 ACCOUNTING PROCESS_

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True or false: the accounting process

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Questions
  1. Statement is true
    Yes
    Statement
    Every transaction has a two-fold aspect, debit and credit.
  2. Statement is true
    Yes
    Statement
    The journal is the book of original entry.
  3. Statement is true
    Yes
    Statement
    A trial balance draws its totals from the ledger accounts.
  4. Statement is true
    No
    Statement
    A transaction can be recorded with only a debit and no credit.
Instructions
Decide whether each statement about the accounting process is true or false.
_Source: ICAI CA Foundation Accounting Ch2 Accounting Process, CHAPTER 2 ACCOUNTING PROCESS_

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