Which of the following is true regarding debits and credits? Multiple Choice Whether a debit or...
Which of the following is true regarding debits and credits?
Multiple Choice
Whether a debit or credit increases or decreases an account depends on the type of account.
Debits increase an account and credits decrease an account.
Credits increase an account and debits decrease an account.
There are some circumstances that allow for debits and credits to not equal.
Homework Answers
Assets, Loss and expense account increase when it would be debited but liabilities, gains and revenue account increase when it credites so account increase or decrease depend on type of account
So answer is a) Whether a debit or credit increases or decreases an account depends on the type of account.
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Which of the following is true regarding debits and credits?
Multiple Choice
Whether a debit or...
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Which of the following statements regarding debits and credits is always correct? Multiple Choice The total value of all debits to a particular account must equal the total value of all credits to that account. O The total value of all debits recorded in the ledger must equal the total value of all credits recorded in the ledger. Debits decrease accounts while credits increase them. The normal balance for an account is...
Which of the following statements is correct regarding the effect of debits and credits in accounts? Assets are on the left side of the accounting equation, so to increase them, you would credit them. O Expenses reduce equity, so to increase an expense account you would debit it. O Owner Investments cause Owner, Capital to increase, so to increase the capital account, you would debit it. O Revenues increase equity, so to increase a revenue account, you would debit it.
Which of the following is not true regarding the general ledger account for Cash? Multiple Choice Each debit entry in the Cash account represents a cash receipt. O Credit entries in the Cash account represent cash payments. Debit entries are made before credit entries. o oo The balance of the account indicates the amount of cash owned by the business on a particular date.
"Posting" journal entries is required in order to: Multiple Choice ensure that debits equal credits in the trial balance. provide a chronological record of all economic events affecting the firm. ensure that all accounts are up to date prior to preparing financial statements. reflect the information in journal entries in ledger accounts. Which of the choices below was the first private sector entity to set accounting standards in the United States? Multiple Choice AICPA . Committee on Accounting Procedure. Accounting...
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