ACTUAL QUESTIONS AND CORRECT
ANSWERS
What is double entry? - Correct answers✔✔for every transaction there are at least two accounts
that are effected. each account is either debited or credited. credit side and debit side must be
equal
Increases on debit side - Correct answers✔✔Assets and Expenses
Increases on credit side - Correct answers✔✔Liability, Owners Equity, Revenue
Assets - Correct answers✔✔resources owned by a business
Examples of assets - Correct answers✔✔computers, building, vehicle, debtor
Debtor - Correct answers✔✔someone who owes you money
Liabilities - Correct answers✔✔things the company owes
Examples of liabilities - Correct answers✔✔loan from bank, mortgages, creditor
Creditors - Correct answers✔✔Someone we owe money to
Owners Equity - Correct answers✔✔the amount remaining when Assets-Liabilities