Double Entry of book keeping Flashcards by Felycita Abanat | Brainscape

Q

What is Double entry book keeping

A

A system of recording business transactions by making two entries, a debit and credit note, for each business transactions. It looks at two perspectives

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Q

Rules for Asset accounts

A

Debit- increase Credit-decrease

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Q

Rules for Liability accounts

A

Debit-decrease Credit-increase

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Q

Rules for Owner’s equity accounts

A

Debit-decrease Credit-increase

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