Task 2 Double entry accounting 1. Rules of Double Entry In the double entry accounting system, accounts are classified as one of the following: Asset, Liability, Equity, Revenue or Expense. Complete the table below to identify the nature of the accounts listed and the resulting debit or credit entry needed to increase or decrease the balance in that account. The first one has been completed as an example for you. Account Account Type To increase To decrease Bank (Example) Asset Debit Credit Motor Vehicles at cost Asset Debit CreditCriterion Feedback The below table is incorrect this is Motor vehicle at cost , which means it would be an Asset for the business Motor Vehicle Expenses Expense Debit Credit