If a transaction is properly analyzed and recorded,a. one account balance will increase and another will decrease.b. the total amount debited will equal the total amount credited.c. only two accounts will be used to record the transaction.d. one asset account will be debited and one liability account will be credited.

Option a: This option is incorrect because transaction being properly analyzed and recorded does not…

Answered: If a transaction is properly analyzed…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 26MC: What is the impact on the accounting equation when an accounts receivable is collected? A. both...

See similar textbooks

Similar questions

What is the impact on the accounting equation when an accounts receivable is collected? A. both sides increase B. both sides decrease C. only the Asset side changes D. the total of neither side changes
The duality of effects can best be described as follows:a. When a transaction is recorded in the accounting system, at least two effects on the basic accounting equation will result.b. When an exchange takes place between two parties,both parties must record the transaction.c. When a transaction is recorded, both the balance sheetand the income statement must be impacted.d. When a transaction is recorded, one account willalways increase and one account will always decrease.
Which of the following statements is correct? A. The left side of a T-account is the credit side. B. Debits decrease asset and expense accounts and increase C. Liability The left side of a T-account is the debit side. D. Credits increase asset and expense accounts and decrease liability E. In certain circumstances the total amount debited need not equal particular transaction.
Which of the following states that a transaction is not recorded in the books of accounts unless it is measurable in terms of money? a. Matching principle. b. Revenue recognition principle. c. Time period assumption. d. Monetary unit assumption.
Assuming the following account balances, what is the missing value?
The type of account with a normal credit balance is: Group of answer choices an asset drawing a revenue an expense
Excess of Debit side over Credit side is called? Select one: a. All of the above b. Debit Balance c. Liability Accounts d. Credit Balance
Which one of the following is not a part of an account? Select one: a. Title b. Credit side c. Trial balance d. Debit side
The following accounts have normal debit balances:a. Assetsb. Liabilitiesc. Revenuesd. All of the listed accounts have a normal debit balance.
Help please, 92. The normal balance of asset account is. A. O Credit balance B.Debit balance C. Cash balance D. Neither debit nor credit balance
Identify the statement below that is correct: Multiple Choice Debits decrease asset and expense accounts, and increase liability, equity, and revenue accounts. The left side of a T-account is the credit side. Credits increase asset and expense accounts, and decrease liability, equity, and revenue accounts. The total amount debited need not equal the total amount credited for a particular transaction. The left side of a T-account is the debit side.
If the credit to record the payment of an account payable is not posted,a. cash will be overstated.b. liabilities will be understated.c. expenses will be understated.d. cash will be understated.

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Quickbooks Online Accounting

Accounting

ISBN:

9780357391693

Author:

Owen

Publisher:

Cengage

Auditing: A Risk Based-Approach (MindTap Course L…

Accounting

ISBN:

9781337619455

Author:

Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:

Cengage Learning

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Quickbooks Online Accounting

Accounting

ISBN:

9780357391693

Author:

Owen

Publisher:

Cengage

Auditing: A Risk Based-Approach (MindTap Course L…

Accounting

ISBN:

9781337619455

Author:

Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:

Cengage Learning

Intermediate Financial Management (MindTap Course…

Finance

ISBN:

9781337395083

Author:

Eugene F. Brigham, Phillip R. Daves

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS