Double Entry Accounting Flashcards
1
Q
What sides of the table are debits and credits on?
A
Debit lhs
Credit rhs
2
Q
What is a debit
A
A debit is a decrease in liabilities/increase in assets
3
Q
What is a credit?
A
Record of money flow out of an account
4
Q
Where are asset increases logged?
A
Debit side
5
Q
Where are asset decreases logged?
A
Credit side
6
Q
Where are liability increases logged?
A
Credit side
7
Q
Where are liability decreases logged?
A
Debit side
8
Q
Where are equity increases logged?
A
Credit side
9
Q
Where are equity decreases logged?
A
Debit side
