Fill in the blank: Increase in asset is debited and decrease in asset is ______ - Book Keeping and Accountancy

Fill in the blank:

Increase in asset is debited and decrease in asset is ______

Fill in the Blanks

Increase in asset is debited and decrease asset is credited.

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Study of Double Entry Book-keeping System

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Chapter 2: Meaning and Fundamentals of Double Entry Book-Keeping - EXERCISE [Page 40]

Chapter 2 Meaning and Fundamentals of Double Entry Book-Keeping
EXERCISE | Q 5. 1) | Page 40

Write one word/term or phrase which can substitute the following statement.

Method of Accounting which records both aspects of the transaction.

Write one word/term or phrase which can substitute the following statement.

Person who invented the Double Entry System.

Write one word/term or phrase which can substitute the following statement.

Scientific system of recording business transactions.

Select the most appropriate alternatives from the given below and rewrite the statement:

International Accounting day is observed on ______

State whether the following statement is True or False with reasons:

Every debit has equal and corresponding credit.

Fill in the blank:

Every transaction has ______ effect.