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An account is a record of only the increases in the balance of a specific item such as cash or equipment.
True
False
True
accounts payable
False
True
True
False
The purchase of a desk on account will increase Office Furniture and will also increase ____.
True
False
True
accounts payable
False
True
True
False
A credit to an account always increases it; a debit to an account always decreases it.
True
False
True
accounts payable
False
True
True
False
One of the purposes of accounting is to provide financial information about property and the rights to that property.
True
False
True
accounts payable
False
True
True
False
The top of the T account is used for account titles. Credits are entered on the left side of the T; debits, on the right.
True
False
True
accounts payable
False
True
True
False
A business transaction affects at least two accounts.
True
False
True
accounts payable
False
True
True
False
After each transaction, the basic accounting equation should remain in balance.
True
False
True
accounts payable
False
True
True
False
A creditor has a financial claim to the assets of a business.
True
False
True
accounts payable
False
True
True
False
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