EMS0848

Identify the Golden Rule of accounting?

• Always record folios

• For every Debit there is a Credit

• For every Credit there is another Credit

• The Debit side is on the left and the Credit side is on the right

What are General Ledger accounts commonly called?

• L-accounts

• G-accounts

• T-accounts

• GL-accounts

Demonstrate on which side does Bank increase?

• Debit

• Credit

Demonstrate on which side would an asset decrease?

• Debit

• Credit

Which is correct regarding the recording of wages in the General Ledger?

• Credit Wages and debit Bank

• Debit Wages and credit Bank

• Debit Bank and credit Wages

• Credit Bank and debit Salaries