Double Entry Bookkeeping Exam
with complete solution 2026
Double entry accounting - ANSWERS-A method of bookkeeping which records each
financial transaction twice using debits and credits.
Double entry bookkeeping system - ANSWERS-A method of bookkeeping that reflects
the dual nature of each transaction as it affects the business.
Ledger - ANSWERS-A book in which entries posted from the journals are re-organised
into accounts.
Journal - ANSWERS-A book or set of books where your transactions are first entered.
Journal entries - ANSWERS-A term used to describe the transactions recorded in a
journal.
T Account - ANSWERS-A particular method of displaying an account where the debits
and associated information are shown on the left, and credits and associated
information on the right.
Trial Balance - ANSWERS-A statement showing all the accounts used in a business
and their balances.
Balance B/D - ANSWERS-The balance brought down as opening balance of a ledger
pulled from previous accounting period.
Balance C/D - ANSWERS-The balance carried down as the closing balance of a ledger
pushed to the next accounting period.
Debit Balance - ANSWERS-If Debit side > Credit side
Credit Balance - ANSWERS-If Credit side > Debit side
Debit - ANSWERS-An accounting entry that either increases an asset or expense
account, or decreases a liability or equity account. It is positioned to the left in an
accounting entry.
