Key Terms 2

An increase in an asset is always a

• Debit Entry

• Credit Entry

A decrease in an asset is always a

• Credit entry

• Debit Entry

An increase in a liability is always a

• Credit entry

• Debit entry

A decrease in a liability is always a

• Debit entry

• Credit entry

An increase in Capital is always a

• Credit entry

• Debit entry

Choose which of these is an asset

• Vehicle

• Premises

• Revenue

• Wages

Which of these is a liability

• VAT owed

• Bank overdraft

• Rental Income

• Commission received

Is discount allowed a

• Debit entry

• Credit entry