ACC1007

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

When an expense increases, which side will we record on and why?

• Debit, because that's what my teacher told me

• Credit, because expenses decrease bank and bank decreases on the debit side. For every debit there is a credit

• Debit, because expenses decrease bank and bank decreases on the credit side. For every credit there is a debit

• Credit, because that's the best side

 

The Balance sheet accounts section contains which accounts?

• Income and expenses

• Assets, Capital and Drawings and Liabilities

• Assets and Income

• Liabilities, Expenses and Drawings

Capital increases on which side and why?

• Debit, because that's what my teacher told me

• Credit, because Capital increases bank and bank increases on the debit side. For every debit there is a credit

• Debit, because Capital increases bank and bank increases on the credit side. For every credit there is a debit

• Credit, because that's the best side

Which account is usually N1 in the Nominal accounts section of the General Ledger?

• Current Income

• Capital

• The main source of income for the business

• Rent Expense