Financial Accounting MCQs

A _ Increase in liability, while _ increase in liability

April 25, 2022

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A ___ Increase in liability, while ___ increase in liability

Q. A _ Increase in liability, while _ increase in liability.

A. Debit, Debit

B. Credit, Credit

C. Debit, Credit

D. Credit, Debit

Answer: Credit, Credit

A ___ Increase in liability, while ___ increase in liability

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‘It’ is a control account maintained in the general ledger which records transactions of individual customer’s accounts in a summarized manner. Here ‘It’ stands for

A ___ Increase in liability, while ___ increase in liability

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