1. What does the term "double accounting entry" mean? A) That the Income and Expense accounts are always part of each transaction B) There are always at least two accounts involved in every financial transaction C) That the Cost of Goods Sold account and the Liabilities Account are always part of a transaction D) Capital and asset accounts always participate in a transaction 2. Literally, "Debit" means what? A) The expense account of a transaction B) The capital account of a transaction C) The left side of a transaction D) The right side of a transaction 3. In SAGE50, what does a negative amount in an expense account mean: A) A refund was posted to the expense account B) An invoice was posted to the expense account C) A check has been written against the expense account D) A and B are correct 4. What certain types of accounts increase when debited A) Liabilities, shares and income B) Checking account, expenses and income C) Assets, cost of goods sold and expenses D) Income, assets and liabilities 5. What state is a financial "picture" of the business? A) The ledger B) The Income and Income Summary C) The list of accounts D) The state of affairs