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2. Debits; a. increase both assets and liabilities b. decrease both assets and liabilities c. increase assets and decrease liabilities d. decrease assets and decrease liabilities 3. A revenue account; a. is increased by debits b. is decreased by credits c. has a normal balance of a debit d. is increased by credits Ouner's Equity Debit for Credit for decrease increase Dr Cr Normal Balance 4. Account that normally have debit balances are: a. assets, expenses, and revenue b. assets, expenses, and owner's equity c. assets, liabilities, and owner's drawings d. assets, owner's drawings, and expenses 5. Expenses; Revenue Debit for decrease Credit for increase a. is increased by debits b. is decreased by credits c. has a normal balance of a debit d. is increased by credits Dr Cr Nomal Balance 6. Account payable; a. is increased by debits b. is decreased by credits c. has a normal balance of a credit d. none all above Expenses Debit for Credit for decrease Cr 7. Supplies; increase a. has a normal balance of a debit b. is decreased by debit c is increased by credits d. is increased by debits and credits Dr Nomal Balance Drawing Debit for Credit for increase Dr decrease Cr Nomal Balance Multiple choices: 1. Which of the following statements about an account is true? a. The right side of an account is the debit or increase side. b. An account is an individual accounting record of increases and decreases in specific asset, liability, and owner's equity items. c. There are but only one accounts for owner's equity items. d. The left side of an accounts is the credit or decrease side.

2. Debits; a. increase both assets and liabilities b. decrease both assets and liabilities c. increase assets and decrease liabilities d. decrease assets and decrease liabilities 3. A revenue account; a. is increased by debits b. is decreased by credits c. has a normal balance of a debit d. is increased by credits Ouner's Equity Debit for Credit for decrease increase Dr Cr Normal Balance 4. Account that normally have debit balances are: a. assets, expenses, and revenue b. assets, expenses, and owner's equity c. assets, liabilities, and owner's drawings d. assets, owner's drawings, and expenses 5. Expenses; Revenue Debit for decrease Credit for increase a. is increased by debits b. is decreased by credits c. has a normal balance of a debit d. is increased by credits Dr Cr Nomal Balance 6. Account payable; a. is increased by debits b. is decreased by credits c. has a normal balance of a credit d. none all above Expenses Debit for Credit for decrease Cr 7. Supplies; increase a. has a normal balance of a debit b. is decreased by debit c is increased by credits d. is increased by debits and credits Dr Nomal Balance Drawing Debit for Credit for increase Dr decrease Cr Nomal Balance Multiple choices: 1. Which of the following statements about an account is true? a. The right side of an account is the debit or increase side. b. An account is an individual accounting record of increases and decreases in specific asset, liability, and owner's equity items. c. There are but only one accounts for owner's equity items. d. The left side of an accounts is the credit or decrease side.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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2. Debits; a. increase both assets and liabilities b. decrease both assets and liabilities c. increase assets and decrease liabilities d. decrease assets and decrease liabilities 3. A revenue account; a. is increased by debits b. is decreased by credits c. has a normal balance of a debit d. is increased by credits Ouner's Equity Debit for Credit for decrease increase Dr Cr Normal Balance 4. Account that normally have debit balances are: a. assets, expenses, and revenue b. assets, expenses, and owner's equity c. assets, liabilities, and owner's drawings d. assets, owner's drawings, and expenses 5. Expenses; Revenue Debit for decrease Credit for increase a. is increased by debits b. is decreased by credits c. has a normal balance of a debit d. is increased by credits Dr Cr Nomal Balance 6. Account payable; a. is increased by debits b. is decreased by credits c. has a normal balance of a credit d. none all above Expenses Debit for Credit for decrease Cr 7. Supplies; increase a. has a normal balance of a debit b. is decreased by debit c is increased by credits d. is increased by debits and credits Dr Nomal Balance Drawing Debit for Credit for increase Dr decrease Cr Nomal Balance Multiple choices: 1. Which of the following statements about an account is true? a. The right side of an account is the debit or increase side. b. An account is an individual accounting record of increases and decreases in specific asset, liability, and owner's equity items. c. There are but only one accounts for owner's equity items. d. The left side of an accounts is the credit or decrease side.
Transcribed Image Text:2. Debits; a. increase both assets and liabilities b. decrease both assets and liabilities c. increase assets and decrease liabilities d. decrease assets and decrease liabilities 3. A revenue account; a. is increased by debits b. is decreased by credits c. has a normal balance of a debit d. is increased by credits Ouner's Equity Debit for Credit for decrease increase Dr Cr Normal Balance 4. Account that normally have debit balances are: a. assets, expenses, and revenue b. assets, expenses, and owner's equity c. assets, liabilities, and owner's drawings d. assets, owner's drawings, and expenses 5. Expenses; Revenue Debit for decrease Credit for increase a. is increased by debits b. is decreased by credits c. has a normal balance of a debit d. is increased by credits Dr Cr Nomal Balance 6. Account payable; a. is increased by debits b. is decreased by credits c. has a normal balance of a credit d. none all above Expenses Debit for Credit for decrease Cr 7. Supplies; increase a. has a normal balance of a debit b. is decreased by debit c is increased by credits d. is increased by debits and credits Dr Nomal Balance Drawing Debit for Credit for increase Dr decrease Cr Nomal Balance Multiple choices: 1. Which of the following statements about an account is true? a. The right side of an account is the debit or increase side. b. An account is an individual accounting record of increases and decreases in specific asset, liability, and owner's equity items. c. There are but only one accounts for owner's equity items. d. The left side of an accounts is the credit or decrease side.
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