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- Multiple ChoicePlease save your changes before editing any questions.
Double entry in accounting means there must be________ entries for every transaction?
two
Three
six
one
- Multiple ChoicePlease save your changes before editing any questions.
Assets increase on the ________ side?
debit
credit
- Multiple ChoicePlease save your changes before editing any questions.
capital or owners equity decreases on the _________ side?
credit
debit
payments
liability
- Multiple ChoicePlease save your changes before editing any questions.
water and electricity is an/a __________?
credit
asset
expense
income
- Multiple ChoicePlease save your changes before editing any questions.
Increase in expenses are __________
debited
credited
- Multiple ChoicePlease save your changes before editing any questions.
Purchases are expenses. So purchases are always ___________
debited
credited
- Multiple ChoicePlease save your changes before editing any questions.
Sales in an income. Hence, sales is always ___________
debited
credited
- Multiple ChoicePlease save your changes before editing any questions.
________ are debts of the business?
assets
liabilities
owners equity
vehicles
- Multiple ChoicePlease save your changes before editing any questions.
Equipment are an example of an/a ______?
loan
asset
liability
owners equity
- Multiple ChoicePlease save your changes before editing any questions.
when the owner takes money out of the business's account it is called _________?
credit
drawings
debt
borrowing
- Multiple ChoicePlease save your changes before editing any questions.How would an accountant record an increase in cash?DebitCredit
- Multiple ChoicePlease save your changes before editing any questions.How would an accountant record an increase in sales?debitcredit
- Multiple ChoicePlease save your changes before editing any questions.
credits are always on the
left
right
- Multiple ChoicePlease save your changes before editing any questions.
debits are always on the
left
right
- Multiple ChoicePlease save your changes before editing any questions.Any amounts owed by a business and reported on the balance sheet are referred to as ________________.assetsliabilitiesprofitexpenses
- Multiple ChoicePlease save your changes before editing any questions.The basic accounting equation is Assets=Liabilities + _______________________.IncomeOwner's EquityExpensesProfit
- Multiple ChoicePlease save your changes before editing any questions.Obligations (amounts owed) are reported on the balance sheet and are referred to as __________.AssetsLiabilitiesDebtOwner Equity
- Multiple ChoicePlease save your changes before editing any questions.Resources owned by a company (such as cash, accounts receivable, vehicles) are reported on the balance sheet and are referred to as __________.AssetsLiabilitiesOwner EquityEquity