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.