Accounting - Review

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

• two

• Three

• six

• one

Assets increase on the ________ side?

• subsidiary

• T-account

• credit

• debit

owners equity decreases on the _________ side?

• credit

• debit

• payments

• liability

assets decreases on the _______ side?

• debit

• two

• credit

• sixth

________ 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

water and electricity is an/a __________?

• credit

• asset

• expense

• income

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

• assets
• liabilities
• profit
• expenses

The basic accounting equation is Assets=Liabilities + _______________________.

• Income
• Owner's Equity
• Expenses
• Profit