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Accounting I - Chapter 2 Test
Test Description: Review terms, concepts, and problems using the accounting equation in T-Accounts.
Instructions: Answer all questions to get your test result.
1) An accounting device used to analyze transactions is a T account.
A
False
B
True
2) An amount recorded on the left side of a T account is a credit.
A
False
B
True
3) Each asset account has a normal debit balance.
A
False
B
True
4) Each liability account has a normal credit balance.
A
True
B
False
5) The balance of an account increases on the same side as the normal balance side.
A
False
B
True
6) Asset accounts increase on the credit side.
A
False
B
True
7) Each transaction changes the balances in at least two accounts.
A
True
B
False
8) A list of accounts used by a business is a chart of accounts.
A
False
B
True
9) When cash is paid for supplies, the supplies account is increased by a debit.
A
True
B
False
10) Common accounting practice is to record withdrawals as debits directly in the owner’s capital account.
A
False
B
True
*select an answer for all questions
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