T8-Solutions to Additional Q-ns.docVIP

SOLUTIONS Revision Tutorial 8 - Classwork Question 1 Multiple - Choice Questions The principle of double entry states that all transactions involve: two debit entries at least one debit and one credit entry two credit entries none of the above 2. The basic properties of a liability include: (a) Past obligation (b) Acquired as a result of a present transaction (c) A future inflow of an economic benefit (d) None of the above A debtor paid the amount owing ($600) and received a 5% discount. Part of the entry to record the receipt of money would include: (a) deb