Question 35 How many of the following statements is/are FALSE? 1. An increase in revenue is on the credit side hence a decrease in expense is also on the credit side. 2. A balanced trial balance means that the recording is free from errors. 3. A simple entry has only one debit and credit while a compound entry has two or more debits and credits. 4. Tangible assets have values but intangible assets have no values. 2 1 3. 4

Question 35 How many of the following statements is/are FALSE? 1. An increase in revenue is on the credit side hence a decrease in expense is also on the credit side. 2. A balanced trial balance means that the recording is free from errors. 3. A simple entry has only one debit and credit while a compound entry has two or more debits and credits. 4. Tangible assets have values but intangible assets have no values. 2 1 3. 4

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter3: The Double-entry Framework

Section: Chapter Questions

Problem 3MC: LO3 Liability, owners equity, and revenue accounts normally have (a) debit balances. (b) large...

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