Fill in the blank:
1.Increase in asset is debited and decrease in asset is ______
Increase in asset is debited and decrease asset is credited.
2.Assets = Liabilities +______
Assets = Liabilities + Capital.
3.Increase in capital is credited and decrease in capital is ______
Increase in capital is credited and decrease in capital is debited.
4.Scientific and complete system of recording is known as ______
Scientific and complete system of recording business transactions is known as double entry system.
5.Debit all expenses and losses, Credit all ______
Debit all expenses and losses, Credit all incomes and gains.
6.Land and Building account is ______ account.
Land and Building account is a real account.
7.Cash Book and Personal Accounts are only maintained under ______ system.
Cash book and Personal accounts are only maintained under Single entry system.
8.Debit what comes in and credit what goes out is the rule of ______ account.
Debit what comes in and credit what goes out is the rule of real account.
9.Travelling expenses account is ______ type of Account
Travelling expense account is Nominal type of account.
10.Every transaction has ______ effect.
Every transaction has two fold effects.
11.______ accounts are accounts of properties and assets.
Real accounts are accounts of properties and assets.
12.Laptop account is a ______ account.
Laptop account is a real account.