How to Ace Double-Entry Bookkeeping Questions on Your Exam

Are you consistently losing points on Double-Entry Bookkeeping because of forgetting that Debits must always equal Credits? If so, you're making the exact same error as 80% of your class.

The 3-Step Exam Strategy

1. Isolate: Extract the exact variables from the prompt.
2. Anticipate the Trap: The professor is betting you will end up forgetting that Debits must always equal Credits. Know this before you write your first line.
3. Execute: Follow the algorithm. For instance: Every transaction affects at least two accounts. If you buy a $500 laptop with cash, you Debit Equipment (increase asset) and Credit Cash (decrease asset). The balance sheet stays balanced..

If you get stuck, do not burn 15 minutes staring at it. Write down the formula, get partial credit, and move on.

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• Why Learn Depreciation? Real-World Applications