Accounting I - Chapter 2 Test Question Preview (ID: 2460)
Review Terms, Concepts, And Problems Using The Accounting Equation In T-Accounts.
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An accounting device used to analyze transactions is a T account.
a) True
b) False
c)
d)
An amount recorded on the left side of a T account is a credit.
a) True
b) False
c)
d)
Each asset account has a normal debit balance.
a) True
b) False
c)
d)
Each liability account has a normal credit balance.
a) True
b) False
c)
d)
The balance of an account increases on the same side as the normal balance side.
a) True
b) False
c)
d)
Asset accounts increase on the credit side.
a) True
b) False
c)
d)
Each transaction changes the balances in at least two accounts.
a) True
b) False
c)
d)
A list of accounts used by a business is a chart of accounts.
a) True
b) False
c)
d)
When cash is paid for supplies, the supplies account is increased by a debit.
a) True
b) False
c)
d)
Common accounting practice is to record withdrawals as debits directly in the owner’s capital account.
a) True
b) False
c)
d)
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