Correct option is: c. assets and expenses
Assets and expenses accounts are debited if there is increase in assets or expenses
whereas liabilities and drawing always credited when there is increase in them
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Which of the following accounts are debited to record increases? Oa. expenses and liabilities Ob. assets...
A debit signifies a decrease in a. expenses Oa. Ob. assets Oc. Od drawing revenues
Which balance sheet accounts are most affected by financing activities? X Oa. Long-term assets. Ob. Current liabilities. c. Long-term liabilities and stockholders' equity. Od. Current assets. Which balance sheet accounts are most affected by financing activities? X Oa. Long-term assets. Ob. Current liabilities. c. Long-term liabilities and stockholders' equity. Od. Current assets.
An accounting tool used to record increases and decreases in individual Assets, Liabilities, Capital, Revenue, Expenses, and Owner's Drawing is a(n): A.footing. B.chart of accounts. C.account. D.trial balance.
Period costs include Oa, current liabilities on the balance sheet Ob. current assets on the balance sheet Oc operating costs that are shown on the income statement in the period in which they are incurred Od. operating costs that are shown on the income statement when products are sold
Which of the following accounts will be found on the income statement? Oa. Purchases Ob. Inventory Oc. Work in Process Od. Cost of Goods Sold
Period costs indude Oa. current liabilities on the balance sheet Ob. current assets on the balance sheet Oc operating costs that are shown on the income statement in the period in which they are incurred Od operating costs that are shown on the income statement when products are sold O D ENG hp R. DE H K B N M M
On the balance sheet, owner's equity is Oa. equal to the total of assets and liabilities Ob. subtracted from liabilities and the net amount is equal to assets Oc. added to liabilities and the two are equal to assets Od. added to assets and the two are equal to liabilities
Which of the following is incorrect with regard to forming a partnership? O a. Assets contributed by partners are debited to capital accounts. Ob. Assets contributed by partners are debited to asset accounts. Oc. The Investments of each partner are recorded in separate entries. Od. Liabilities assumed by a partnership are credited to liability accounts.
A business buys $300 of office supplies on account. Which of the following accounts is debited? O A. Accounts Receivable OB. Accounts Payable OC. Cash OD. Office Supplies
Which of the following accounts will not be closed at the end of the year? OA) Fees Earned OB) Unearned Rent OC) Salaries Expense OD) Depreciation Expense