If an asset account is credited, it indicates O An error. O An increase in the asset. O A decrease in the asset. O A credit was made to a liability account.
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A: Solution: Assets that are NOT expected to provide benefits for a number of accounting periods are…
Q: b.) Credit
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A: Accrued income: Increases assets Increases Owners' equity
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Q: Which of the following is an asset account? O A. Unearned Revenue B. Notes Payable O C. Accounts…
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A: Introduction: A general ledger entry made at the end of an accounting period to record any…
Q: A debit to an asset account indicates: Select one: O a. a credit was made to a liability account O…
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A: Adjusting entries are prepared at the end of the accounting period to ensure the accrual base…
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A: acquisition of vehicle results in inflow of vehicle and outflow of cash
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A: Prepaid assets are those assets which consists of advance payments for goods and services that are…
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A: Adjusting entries are made to allocate income and expenses to their proper period.
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Q: A ____ will cause Accumulated Depreciation to decrease. A. Debit B. Credit
A: Particulars debit credit Depreciation Amt Accumulated depreciation Amt
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Q: What is the effect of omission of accrued expenses in assets at the end of the year of error? Group…
A: The correct option with proper explanation are as follows
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A: An Payment of any liability will lead to decrease in asset and decrease in liability
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Q: Assets are increased by debits and liabilities are decreased by credits. TRUE FALSE
A: Hey, since there are multiple questions posted, we will answer the first question. If you want any…
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Q: ncreases in asset accounts are recorded on the debit side the right side the dark side the credit…
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Q: An increase in an asset account is a: A. Debit entry to the asset account B. Credit entry to the…
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Q: Allowance for doubtful accounts is an example of a. Asset account b. Expense account c. Contra asset…
A: solution:- Introduction:- Allowance for doubtful accounts means as follows under:- Allowance for…
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- A change in the expected service life of an asset arising because additional information has been obtained is: a. an accounting change that should be reported by restating the financial statements of all prior periods represented b. an accounting change that should be reported in the period of change and future periods if the change affects both c. a correction of an error d. not an accounting changeA decrease in an asset account is a: A. Debit entry to the asset account B. Credit entry to the asset account C. Debit entry to the liability account D. Credit entry to the liability accountGive an example of a transaction that results in: a. A decrease in an asset and a decrease in a liability. b. A decrease in one asset and an increase in another asset. c. A decrease in one liability and an increase in another liability.
- A credit to a liability account a) indicates a decrease in the amount owed to creditors. b) is an error. c) must be accompanied by a debit to an asset account. d) indicates an increase in the amount owed to creditors.For each of the following situations, indicate whether itrepresents an accounting error and explain why it is or isnot an error. Also state whether a trial balance would indicate that an error exists for each situation.c. An expense was recorded as an assetIf a transaction has the effect of decreasing an asset, is the decrease recorded as a debit or as a credit? If the transaction has the effect of decreasing a liability, is the decrease recorded as a debit or as a credit?
- a. record the entry to adjust asset values to fair value b. record the entry to reduce additional paid in capital balance to correct figure, to close out gain account, and eliminate deficit.If acquisition of vehicle is recorded twice, a. asset is overstated. b. expense is overstated. c. liability is understated. d. owner’s equity is not affected.What is the effect of omission of accrued expenses in assets at the end of the year of error? a. Understated b. No effect c. Overstated d. Cannot be determined from the given information
- Allowance for doubtful accounts is an example of a. Asset account b. Expense account c. Contra asset account d. Liability accountThe payment of supplier’s account is debited to accounts receivable. What is the effect of the error in assets and liabilities of the entity? Group of answer choices a. Assets - understated; Liabilities - understated b. Assets - understated; Liabilities - overstated c. Assets - overstated; Liabilities - overstated d. Assets - overstated; Liabilities - understatedA debit may signify: an increase in an asset account or an increase in a contra asset account a decrease in a liability account or an increase in a contra asset account an increase in an expense account or a decrease in a liability account an increase in a liability or an increase in a contra asset account Expert Answer