1: The Basics of Double Entry Bookkeeping

Question 1

Double entry bookkeeping

Answer 1

a system for recording financial transactions where each transaction is recorded twice, once as debit and once as credit

Question 2

Three main features of a T account

Answer 2

1. title relating to item it relates
2. left hand side is debit
3. right hand side is credit

Question 3

Where are increases in assets shown

Answer 3

debit