Summary
Summary AAT level 2: book keeping transactions
- Course
- Institution
- Book
the document covers everything in AAT level 2 bookkeeping transactions exam
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
Seller
Follow
ellesserowbotham
Available practice questions
AAT level 2 - Bookkeeping transactions
Flashcards
63 Flashcards
$13.48
0 sales
Flashcards
63 Flashcards
$13.48
0 sales
Some examples from this set of practice questions
1.
What is double entry bookkeeping?
Answer: The theory that all transactions have 2 effects on the accounts.
2.
What is the dual effects principal?
Answer: Total debits = Total credits
3.
what is the general ledger?
Answer: A book holding all of a business\' transactions, it stores all accounts and journal entries. e.g. trade receivables, trade payables, sales, purchases
4.
what is an asset?
Answer: something that a business owns that has value. e.g. buildings, money, machinery
5.
what is a liability?
Answer: It is when something is owed to another party. e.g loan or credit purchase payments
6.
what is income?
Answer: money coming into a business
7.
what is an expense?
Answer: cost of running a business. e.g. rent, wages, materials
8.
what is a debit?
Answer: increase in - expense, asset, drawings decrease in -liabilities, income, capital
9.
what is a credit?
Answer: increase in - liabilities, income or capital decrease in - expenses, assets or drawings
10.
what is capital?
Answer: resources supplied to the business by an owner, most often cash
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ellesserowbotham. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $5.13. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
86289 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now