Lesson 2 (Effects on the general ledger)

Question 1

Where does an ASSET INCREASING go in the general ledger

Answer 1

Debit

Question 2

Where does an ASSET DECREASING go in the general ledger

Answer 2

Credit

Question 3

Where does an EXPENSE INCREASING go in the general ledger

Answer 3

Debit

Question 4

Where does an EXPENSE DECREASING go in the general ledger

Answer 4

Credit

Question 5

Where does a LIABILITY INCREASING go in the general ledger

Answer 5

Credit

Question 6

Where does a LIABILITY DECREASING go in the general ledger

Answer 6

Debit

Question 7

Where does EQUITY INCREASING go in the general ledger

Answer 7

Credit

Question 8

Where does EQUITY DECREASING go in the general ledger

Answer 8

Debit

Question 9

Where does REVENUE INCREASING go in the general ledger

Answer 9

Credit

Question 10

Where does REVENUE DECREASING go in the general ledger

Answer 10

Debit