Accounting Quiz Questions and Answers: Recording Process debit and credit

[@eddiemagaya6610]

Hi , please advice on Question 10 , a cash advancement from customer , is suppose to be regarded as a prepayment , therefore its a liability . Yes an asset cash has increased , but since its an advance , it is therefore a prepayment ( unearned revenue) , therefore a liability.

[@SocratGhadban]

Hello, exactly, but here the option available is liability decrease which is wrong, the only option available and correct is asset increase, more precisely cash increase.

[@eddiemagaya6610]

Hi , k , I see what you mean , 100% happy.
Your quiz questions are extremely helpful. Thank you soo much , keep up the good work

[@SocratGhadban]

Much appreciated. Cheers@@eddiemagaya6610

[@omozeaugustaoboh1285]

Hi. I love you quiz videos. They are really relaxing 😊

[@SocratGhadban]

Hi.. Thank you. I hope the relaxation you're having comes with correct answers :)

[@omozeaugustaoboh1285]

@@SocratGhadban it's the music and the silence basically.

[@ThumbelinaMike-dp6ng]

Really love your quiz video ❤

[@SocratGhadban]

Thank you :)

[@ChilamkuriRajesh]

Nice explain sir good information

[@SocratGhadban]

Thank you!

[@mimiwmichael372]

Thanks so much very good question 👍👍👍😍😍😍

[@SocratGhadban]

thank you!!!

[@CharitySunday-xp8hg]

Really nice

[@SocratGhadban]

Thank you :)

[@MucyodusengeAline]

Thanks 👍

[@sondoselgendy1237]

Hi, can you explain why in question 9 you chose the transaction recorded must affect two or more accounts

[@SocratGhadban]

Hi, because less than 2 accounts it won't be balanced, only two also wrong because sometimes a transaction might affect more than 2 accounts

[@sondoselgendy1237]

@@SocratGhadban of course it won’t be balanced if it is less than two accounts but can you provide an example of just two transactions to see its effect on the account because I can’t really get it or imagine it?

[@SocratGhadban]

@@sondoselgendy1237 buying an equipment of $7000 paying $3000 cash and the remaining on account

[@sondoselgendy1237]

@@SocratGhadban oh okay thank you; got it.

[@charitable-wu8qh]

super nice

[@SocratGhadban]

Thank you!

[@BLACK-SNARES]

Why am I dancing while reading 😭😂😂😂💕

[@SocratGhadban]

To enjoy while studying :D

[@Tube-ul4iu]

@@BLACK-SNARES ✌️😁

[@samdbjfo4551]

Txs teacher

[@SocratGhadban]

My pleasure!

[@BarentomatiyosBarentomat-rj7ff]

Continue

[@SocratGhadban]

I will! thanks!

[@sultee22]

Agricultural economics question Please 🙏

[@Mdtajuddin86]

Good job, But what is the need of this kind of loud music how one can concentrate on the questions.

[@SocratGhadban]

Easy! Mute the video and you concentrate!

[@MahletBirhanu-e9q]

selam and tiyakea lamatayaki nbr budget lay budget surplus ena.buget deficit endet.nw minaskamitew malt asararun bitasradag

[@SocratGhadban]

English, please

[@MahletBirhanu-e9q]

okey budget surplus and budget deficit the different

[@SocratGhadban]

@@MahletBirhanu-e9q it's an economics question no?
Government spending > taxes = budget deficit, the opposite is surplus

[@SacdiaFa]

I GOT 10 10

[@SocratGhadban]

Bravo! well done

[@KanakAgarwal13012]

If credit balance so debit exceeds the credit na

[@Meron-vi8od]

Betam yifatnal teyakw please

[@SocratGhadban]

??

[@neethunethu1755]

Malayalathil ayako

[@EmebetAbebe-d1t]

Enamesegnalen cemrubey

[@sultee22]

Agricultural economics question Please 🙏