6 Questions
What are the primary and fundamental principles of the modern double-entry accounting system?
Debit and credit
In the modern double-entry accounting system, which principle is used to record financial transactions?
Debit and credit
Which principles form the basis of the modern double-entry accounting system for recording financial transactions?
Debit and credit
In the modern double-entry accounting system, which principle is used to record an increase in assets?
Debit
When recording a decrease in liabilities in the modern double-entry accounting system, which principle is applied?
Credit
Which principle in the modern double-entry accounting system is used to record an increase in owner's capital?
Credit
Test your knowledge of the primary and fundamental principles of the modern double-entry accounting system with this quiz on debit and credit rules.
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