Kim Yi has prepared the following list of statements about accounts. 1. An account is an accounting record of either a specific asset or a specific liability. 2. An account shows only increases, not decreases, in the item it relates to. 3.Some items, such as Cash and Accounts Receivable, are combined into one account. 4.An account has a left, or credit side, and a right, or debit side. 5.A simple form of an account consisting of just the account title, the left side, and the right side, is called a T-account. Instructions: Part A. Identify each statement as true or false. If false, indicate how to correct the statement. Part B. Identify debits, credits, and normal balances.
Kim Yi has prepared the following list of statements about accounts. 1. An account is an accounting record of either a specific asset or a specific liability. 2. An account shows only increases, not decreases, in the item it relates to. 3.Some items, such as Cash and Accounts Receivable, are combined into one account. 4.An account has a left, or credit side, and a right, or debit side. 5.A simple form of an account consisting of just the account title, the left side, and the right side, is called a T-account. Instructions: Part A. Identify each statement as true or false. If false, indicate how to correct the statement. Part B. Identify debits, credits, and normal balances.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter2: T Accounts, Debits And Credits, Trial Balance, And Financial Statements
Section: Chapter Questions
Problem 2QY: Which of the following statements is correct? a. Increases to cash are shown on the right side of...
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Kim Yi has prepared the following list of statements about accounts.
1. An account is an accounting record of either a specific asset or a specific liability.
2. An account shows only increases, not decreases, in the item it relates to.
3.Some items, such as Cash and
4.An account has a left, or credit side, and a right, or debit side.
5.A simple form of an account consisting of just the account title, the left side, and the right side, is called a T-account.
Instructions: Part A. Identify each statement as true or false. If false, indicate how to correct the statement. Part B. Identify debits, credits, and normal balances.
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