ELIMINATION ROUND - Dry Run

Assets increase on the ________ side?

• subsidiary

• T-account

• credit

• debit

Owner's equity decreases on the _________ side?

• credit

• debit

• payments

• liability

When the owner takes money out of the business' account it is called

• credit

• drawings

• debt

• borrowing

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

• two

• Three

• six

• one

The accounting equation must always be

• balanced

• uneven

• zero

• equal to the square root of 5

__________________ is the language of business.

• Finance

• Business Essentials

• Accounting

• English

Furniture is regarded as

• Assett

• Fixed Assett

• Liability

• Current Liability

Which of the following is not part of the accounting process?

• Recording

• Identifying

• Financial decision making

• Communicating

A debit is not the normal balance for which of the following?

• Asset account

• Drawings account

• Expense account

• Capital account

If assets and liabilities amounted to P7,300 and P500, respectively, how much is capital?

• A. 7,800

• B. 7,300

• C. 6,800

• D. 9,700