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

________ are debts of the business?

• assets

• liabilities

• owners equity

• vehicles

Equipment are an example of an/a ______?

• loan

• asset

• liability

• owners equity

An Asset is:

• Refers to items that are owned

• Refers to amounts that are owed to others

• Refers to amounts earned

Any amounts owed by a business and reported on the balance sheet are referred to as ________________.

• assets
• liabilities
• profit
• expenses

Accounting is referred to as the "language of ___________________."

• profit
• life
• accounting
• business

______________________ is the transfer of journalized transactions to their accounts.

• Posting
• Recording
• Updating
• Journalizing

Liability which is payable on the occurrence of certain event is known as__

• Long-term liabilities

• Contingent Liability

• Short-term liabilities

Capital = Assets + Liability

• True

• False