Accounting Chapter 2 Reinforcement

Front

Is a T account an accounting device used to analyze transactions?

Back

TRUE

Front

Is the statement true or false? An amount recorded on the right side of a T account is a debit.

Back

FALSE

Front

Hannah is learning about accounting and she wonders if each asset account has a normal credit balance.

Back

FALSE

Front

Mason is learning about accounting principles and wonders if each liability account has a normal debit balance.

Back

FALSE

Front

Sophia noticed that her bank account balance increases on the same side as the normal balance side.

Back

TRUE

Front

Do asset accounts decrease on the credit side?

Back

TRUE

Front

When Arjun transfers money from his savings account to his checking account, each transaction changes the balances in at least two accounts.

Back

TRUE

Front

Mia is setting up her new bakery business and needs to organize her financial records. A list of accounts she will use is a chart of accounts.

Back

True

Front

Abigail runs a small business and decides to pay cash for some office supplies. Is the Supplies account increased by a credit in this transaction?

Back

FALSE

Front

Is it common practice to record personal withdrawals as debits directly in a capital account?

Back

No, it is not common practice.