Introduction to Bookkeeping (ITBK) 3 Flashcards
Double entry bookkeeping 2
1
Q
Asset
A
Debit: Increase
Credit: Decrease
2
Q
Liability
A
Credit: Increase
Debit: Decrease
3
Q
Expense
A
Debit: increase
Credit: increase
4
Q
Income/Revenue
A
Credit: Increase
Debit: Decrease
5
Q
Capital/Equity
A
Credit: Increase
Debit: Decrease
6
Q
Asset -
A
Balance carried down: Credit
Balance brought down: Debit
7
Q
Liability
A
Balance carried down: Debit
Balance brought down: Credit
8
Q
Expense
A
Balance carried down: Credit
Balance brought down: Debit
9
Q
Income/Revenue
A
Balance carried down: Debit
Balance brought down: Credit
10
Q
Capital/Equity
A
Balance carried down: Debit
Balance brought down: Credit
11
Q
DEAD
A
Debits INCREASE
Expenses
Assets
Drawings
12
Q
CLIC
A
Credits INCREASE
Liabilities
Income/Revenue
Capital/Equity
