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The Golden Rule of Debit and Credit
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The Golden Rule of Debit and Credit

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Questions and Answers

Which side of the ledger account does a debit entry appear on?

  • Top side
  • Left side (correct)
  • Right side
  • Bottom side

    • What does the word 'debit' mean in Latin?

  • To believe
  • To distribute
  • To produce
  • To owe (correct)

    • What does a debit entry indicate in an asset account?

  • No change
  • An error
  • A decrease
  • An increase (correct)

    • What does a debit entry indicate in a liability or equity account?

    <p>A decrease</p> Signup and view all the answers

    What does the word 'credit' mean in Latin?

    <p>To believe</p> Signup and view all the answers

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