QUESTION 1 (a) Explain what is meant by the following in bookkeeping: Debit an account …………………………………………………………………………………………… [2] …………………………………………………………………………......................... Transaction …………………………………………………………………………………………… [2] …………………………………………………………………………......................... Accruals …………………………………………………………………………………………. [2] …………………………………………………………………………....................... Net Profit ……………………………………………………………………………….………… [2] …………………………………………………………………………………………. Revenue ………………………………………………………………………………………… [2] …………………………………………………………………………………………
QUESTION 1 (a) Explain what is meant by the following in bookkeeping: Debit an account …………………………………………………………………………………………… …………………………………………………………………………......................... [2] Transaction …………………………………………………………………………………………… …………………………………………………………………………......................... [2] Accruals …………………………………………………………………………………………. …………………………………………………………………………....................... [2] Net Profit ……………………………………………………………………………….………… …………………………………………………………………………………………. [2] Revenue ………………………………………………………………………………………… ………………………………………………………………………………………… [2]