3. An example of a debit entry is OA. a decrease in an asset account. OB. an increase in an asset account. OC. an increase in a capital account. O D. an increase in a liability account.

Q: What causes the decrease in Assets? A. Cash Purchases B. Liabilities C. Payment of Expenses D.…

A: Assets are a group of various resources that generate the revenue of the company. In this group,…

Q: Match the account type (Asset, Liability, Equity, Revenues Expenses) with the account name.…

A: Asset - generally asset is a resource that fetches cash inflow into the organization. it is not…

Q: Liabilities and Revenues O Are decreased by debits and increased by credits Are decreased by both…

A: The different accounts in the business have debit or credit balance. According to the rules of…

Q: 69. Claim against assets are represented by. I am not satisfy give downvote A. saved earning B.…

A: On a company's balance sheet, retained earnings—also referred to as retained profits or cumulative…

Q: Accounting type Question: Income received in advance is a A. An asset B. An income C. A liability D.…

A: Income received in advance is accounted for as a liability because the amount received cannot be…

Q: 8. What type of account is "Prepaid Insurance"? ⚫ a) Expense . ⚫ b) Liability . . c) Asset d)…

A: This is because it represents insurance premiums that have been paid in advance for future periods.…

Q: Which of the following accounts is a non-current asset account?

A: Non-current assets:   Non-current assets are assets that can be held for a longer period of time…

Q: 1. Which T-account is incorrect? a. Depreciation Expense b. Interest Receivable c. Capital Stock d.…

A: The T-accounts are prepared as debit on left side and credit on right side.

Q: None

A: Step 1: Explanation for Correct option Net Asset Value is a financial metric used primarily with…

Q: Capital Loss (MSS Loss) account is an expense account and increased by a credit. O a. False Ob. True

A: Capital loss is the loss that is incurred when the value decreases for the capital asset like real…

Q: The normal balance of an expense account is a O A. debit; retained earnings OB. debit; assets OC.…

A: The different accounts in the business have debit and credit balance. The assets and expenses have…

Q: Question 7 What is the impact on the accounting equation when an accounts receivable is collected? O…

A: Accounts Receivables comes under the head of current assets in the Balance sheet .

Q: Multiple choice: 1. Which if the following us correct concerning a T account? A. The left side is…

A: The T-accounts are prepared with posting of journal entries to specific accounts.

Q: A debit entry will:   Multiple Choice   increase a liability account.   increase an expense…

A: 1) Debit in asset, expenses and dividend accounts increases asset, expenses and dividends. 2) Credit…

Q: A ____ will cause Accumulated Depreciation to decrease. A. Debit  B. Credit

A: Particulars debit credit Depreciation Amt   Accumulated depreciation   Amt

Q: When an intangible asset is amortized: OA. stockholders' equity decreases. OB. net assets decrease.…

A: Intangible assets are valuable assets without a physical form, such as copyrights or brand…

Q: Do the term debit and credit signify increase or decrease, o

A: Debit means increased under limited conditions . You must look at what type of an account you are…

Q: A credit may represent a(n): increase in an asset account. increase in a liability account. decrease…

A: Debit Amounts:Accounts having typical debit balances include, for example:Cash, receivables,…

Q: Multiple choice: 1. Earning revenue on account: A. decrease assets B. increases liabilities C.…

A: 1. Earning revenue on account:  It means supplying goods or services on account and payment will be…

Q: 4. Which of the following is not an element of a statement of comprehensive income? a. Interest…

A: The question is multiple choice question. Required  Choose the Correct Option.

Q: Credits increase assets and decrease liabilities. decrease assets and increase liabilities increase…

A: Accounting Equation: It refers to a financial equation that shows or reflects that the total assets…

Q: An accrual of wages expense would have what effect on the balance sheet? Select one: O O O O A.…

A: Accrued expenses are the expenses incurred during the current period but not paid by the…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.