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The Double-Entry System

4 dot points across 4 inquiry questions. Click any dot point for a focused answer with worked past exam questions where available.

How do we work out the balance left on an account at the end of a period?

Balance off ledger accounts and bring down the balance, identifying it as a debit or credit balance
A simple answer to the N(A)-Level Principles of Accounts outcome on balancing accounts. How to total each side, insert the balance carried down, bring it down for the next period, and say whether it is a debit or credit balance.
9 min answer →

Which side of an account do we use to record an increase, and why does it depend on the kind of item?

State and apply the rules of debit and credit for each of the five elements
A simple answer to the N(A)-Level Principles of Accounts outcome on debit and credit rules. What debit and credit mean, the rule for each of the five elements, and the DEAD CLIC memory aid for recording increases.
9 min answer →

How do we write a transaction into the ledger so that both sides are recorded?

Record transactions in T-accounts, showing the date, the other account and the amount on each side
A simple answer to the N(A)-Level Principles of Accounts outcome on T-accounts. How a T-account is laid out, how to enter the dual effect of a transaction, and how to name the other account in each entry.
9 min answer →

How do we decide which of the five elements an account belongs to?

Classify accounts into the five elements: assets, liabilities, owner's equity, income and expenses
A simple answer to the N(A)-Level Principles of Accounts outcome on the five elements. What each element means, how to decide which element an account belongs to, and why this choice drives the debit and credit rule.
8 min answer →