Question
1/When making entries into a ______________ (a chronological listing of financial transactions), an increase in an asset is entered as a _____________, while an increase
1/When making entries into a ______________ (a chronological listing of financial transactions), an increase in an asset is entered as a _____________, while an increase in a liability is entered as a ____________.
Group of answer choice
Ledger, debit, credit
Ledger, credit, debit
Journal, credit, debit
journal , debit, credit
2/A tax that requires a lower income person to pay a higherer percentage of his/her income in taxes is called a ________________ tax.
Progressive
average regressive
average
proportional
3/Entries into the income statement must (without exception) be based upon:
Group of answer choices
either the accrual or cash basis, of accounting, as long as it is consistent.
Cash basis
Accrual basis
Neither the accrual or cash basis of accounting apply to the income statement or the balance sheet.
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