Accounting

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

• two

• Three

• six

• one

Assets increase on the ________ side?

• debit

• credit

capital or owners equity decreases on the _________ side?

• credit

• debit

• payments

• liability

water and electricity is an/a __________?

• credit

• asset

• expense

• income

Increase in expenses are __________

• debited

• credited

Purchases are expenses. So purchases are always ___________

• debited

• credited

Sales in an income. Hence, sales is always ___________

• debited

• credited

________ are debts of the business?

• assets

• liabilities

• owners equity

• vehicles

Equipment are an example of an/a ______?

• loan

• asset

• liability

• owners equity

when the owner takes money out of the business's account it is called _________?

• credit

• drawings

• debt

• borrowing