1. Double-entry can be defined as A. any bookkeeping system in which all the sums must be calculated twice (by accountant and by internal auditor) B. any bookkeeping system in which there is a debit and credit entry for each transaction C. any bookkeeping system in which Accounts Receivable are equal to Accounts Payable D. any bookkeeping system governed by the accounting equation: revenue = expenses
CHOOSE A, B, C OR D
1. Double-entry can be defined as A. any bookkeeping system in which all the sums must be calculated twice (by accountant and by internal auditor) B. any bookkeeping system in which there is a debit and credit entry for each transaction C. any bookkeeping system in which
2. When a business buys supplies on account, assets ____. a. increase b. decrease c. increase and liabilities decrease d. decrease and liabilities increase
3. Decreases in an asset account are shown on a T account's a. debit side b. balance side c. credit side d. none of the above
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