True or false. Debit Increases in assets and expenses, decreases in liabilities and revenue?
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True or false.
Debit Increases in assets and expenses, decreases in liabilities and revenue?
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- Expenses represent outflows of assets or increases in liabilities as a result of efforts to produce revenues.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 changesWhat is the impact on the accounting equation when a payment of account payable is made? A. both sides increase B. both sides decrease C. only the Asset side changes D. neither side changes
- Revenue earned but not yet collected is an example of which of the following? A. accrued expense B. accrued revenue C. deferred expense (prepaid expense) D. deferred revenue (unearned revenue)Which of the following pairs increase with credit entries? A. supplies and retained earnings B. rent expense and unearned revenue C. prepaid rent and common stock D. unearned service revenue and accounts payableTrue or false Credits Increases in liabilities and revenue. Decrease in assets and expenses?
- Assets are increased with debits and decreased with credits. True FalseWhat will increase the following account items – Debit or Credit? Fill in the blanks. Assets _____________ Equity _____________ Losses _____________ What will decrease these account items – Debit or Credit? Fill in the blanks. Liabilities __________ Expenses __________ Gains _____________ What is the normal balance for these account items – Debit or Credit? Fill in the blanks. Revenue __________ Losses____________ Assets ____________Which of the following normally has a net credit balance? A. Asset accounts such as cash, accounts receivable, inventory, and equipment B. Expenses that decrease retained earnings C. Dividends that decrease retained earnings D. Revenues that increase retained earnings
- Which of the following statements is false? Select one: a. Revenues are increased by debits b.Revenues increase owner’s equity. c. Revenues have normal credit balances. d. Revenues are a positive factor in the computation of net income.When the payment is made to creditors, it would result in which among the following? a. decrease receivables b. increase expenses c. increase equity d. decrease liabilitiesThe payment of liabilities would cause what effect on corresponding accounts? Both increase in assets and liabilities Increase in liabilities and decrease in assets Increase in assets and decrease in liabilities Both decrease in assets and liabilities
