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Questions and Answers
What are the primary and fundamental principles of the modern double-entry accounting system?
What are the primary and fundamental principles of the modern double-entry accounting system?
- Debit and credit (correct)
- Profit and loss
- Assets and liabilities
- Income and expenses
In the modern double-entry accounting system, which principle is used to record financial transactions?
In the modern double-entry accounting system, which principle is used to record financial transactions?
- Assets and liabilities
- Expenses and revenue
- Debit and credit (correct)
- Cash flow and liquidity
Which principles form the basis of the modern double-entry accounting system for recording financial transactions?
Which principles form the basis of the modern double-entry accounting system for recording financial transactions?
- Debit and credit (correct)
- Sales and purchases
- Equity and debt
- Income and expenditure
In the modern double-entry accounting system, which principle is used to record an increase in assets?
In the modern double-entry accounting system, which principle is used to record an increase in assets?
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When recording a decrease in liabilities in the modern double-entry accounting system, which principle is applied?
When recording a decrease in liabilities in the modern double-entry accounting system, which principle is applied?
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Which principle in the modern double-entry accounting system is used to record an increase in owner's capital?
Which principle in the modern double-entry accounting system is used to record an increase in owner's capital?
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