What are the basic concepts of accounting, including the book of first entry, the accounting equation, capital, and T-accounts?

Another one ndwambiconfidence590 — let's solve it. 1.1.1 The book of first entry is where transactions are initially recorded before being posted to the ledger. This is also known as a journal, and subsidiary journals are specific types of books of first entry. The correct answer is D. D 1.1.2 When an EFT of R800.00 is received from a tenant: • Assets (Bank/Cash) increase by R800. • Owners' Equity increases by R800 because rent received is income, which increases profit and thus owners' equity. • Liabilities are not affected. The accounting equation (Assets = Owners' Equity + Liabilities) remains balanced: +R800 = +R800 + 0 The correct answer is A. A 1.1.3 The fundamental accounting equation states that a business's assets are equal to the sum of its liabilities and owners' equity. The correct form is Assets = Owners' Equity + Liabilities. The correct answer is C. C 1.1.4 Money or other assets that an owner invests in their business is known as capital. The correct answer is B. B 1.1.5 In double-entry accounting, a T-account has two sides. The left-hand side is always the debit side, and the right-hand side is always the credit side. The correct answer is C. C Send me the next one 📸