1000: Double-Entry Accounting Flashcards
1
Q
Each transaction has _ or more accounts
A
two
2
Q
debits=_
A
credits
3
Q
Asset rule: increases _
A
debit
4
Q
Asset rule: decreases _
A
credit
5
Q
Liabilities rule: increases _
A
credit
6
Q
Liabilities rule: decreases _
A
debit
7
Q
Equity rule: increases _
A
credit
8
Q
Equity rule: decreases _
A
debit
9
Q
Income rule: increases _
A
credit
10
Q
Expenses rule: increases _
A
debit
11
Q
Drawings rule: increases _
A
Debit
12
Q
Income rule: decreases _
A
debit
13
Q
Expenses rule: decreases _
A
credit
14
Q
Drawings rule: decreases _
A
credit
