Theory Q 1

3. This is used when money is deposited via the internet into the bank account of the business.
5. The contra account for cost of sales.
6. A ---- deposit is when money is deposited directly into the bank account by a customer
9. When a vehicle is bought cash, ----will increase and bank will decrease.
10. ---is used to draw cash.
12. The double entry principlae in accounting means that for every Debit there is a ---
13. this is equal to Assets minus liabilities
14. The source document when goods were bought and paid for via EFT

1. Stationery is an -----account
2. A direct ----- is money put directly into the bank.
4. If an amount is paid on the loan, liabilities will ----
6. This account will increase when the owner pays with business money for his children goods.
7. Liabilities are categorised under two headings namely Long term and ---- liabilities
8. A debtor is a current ----- to the business
11. The General Ledger is divided into Balance sheet accounts and -----