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Chapter 3

Q. 3.Act.1

in one sentence describe what is meant by each of the following terms:
(a) An account is ________________________________
(b) A ledger is __________________________________
(c) Debit means _________________________________
(d) Credit means ________________________________


Verified Solution

(a) A record of a certain event or transaction.

(b) A logbook in which records (or accounts) are kept (a book of account).

(c) As a verb: To receive something or the value received. To record an entry on the left-hand side of a ledger page. As a noun: Assets, expenses and dividends/ drawings are known as ‘debit’ items.

(d) As a verb: To give something or the value given. To record an entry on the \right-hand side of a ledger page. As a noun: Liabilities, income, capital and reserves are known as ‘credit’ items.