ACCOUNTING

A __________ amount will appear on the left side of a T-account.

• Credit

• Debit

An Asset is:

• Refers to items that are owned

• Refers to amounts that are owed to others

• Refers to amounts earned

Expenses are those items that are:

• Direct costs for producing goods

• Costs associated with operating a business

• All the company outflows

The basic accounting equation is Assets=Liabilities + _______________________.

• Income
• Owner's Equity
• Expenses
• Profit

An increase in owner's equity resulting from the operation of a business

• asset
• expense
• withdrawl
• revenue

• true

• false

Double entry in accounting means there must be________ entries for every transaction?

• two

• Three

• six

• one

A general Leger/T) has a ______ and _______ side.

• cash receipt and debtors

• debit and payments

• debit and credit

• creditors and debtors