Accounting Chp 2 Analyzing Transactions

Accounting Chp 2 Analyzing Transactions

Assessment

Flashcard

Other

10th - 12th Grade

Practice Problem

Hard

Created by

Wayground Content

Used 1+ times

FREE Resource

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19 questions

Show all answers

1.

FLASHCARD QUESTION

Front

A drawing account is increased by debits and increased by credits

Back

True

2.

FLASHCARD QUESTION

Front

T/F: Accounts Payable accounts are increased with a credit

Back

True

3.

FLASHCARD QUESTION

Front

T/F: The owner's equity account is increased on the debit side, because the owner's capital account has a normal balance on the debit side

Back

False

4.

FLASHCARD QUESTION

Front

T/F: Asset accounts decrease on the debit side

Back

False

5.

FLASHCARD QUESTION

Front

Cash is an asset account with a normal credit balance

Back

False

6.

FLASHCARD QUESTION

Front

T/F: Each liability account has a normal debit balance

Back

False

7.

FLASHCARD QUESTION

Front

Increase in revenue accounts are recorded as credits, because they increase the owner's capital account. True or False?

Back

True

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