Accounting Chapter 2 Review
Flashcard
•
Business
•
9th - 12th Grade
•
Hard
Wayground Content
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24 questions
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1.
FLASHCARD QUESTION
Front
An amount owed by a business is a
Back
liability
2.
FLASHCARD QUESTION
Front
An amount recorded on the right side of a T account is a debit.
Back
FALSE
3.
FLASHCARD QUESTION
Front
Each liability account has a normal debit balance.
Back
FALSE
4.
FLASHCARD QUESTION
Front
Asset accounts decrease on the credit side. TRUE or FALSE?
Back
TRUE
5.
FLASHCARD QUESTION
Front
Each transaction changes the balances in at least two accounts.
Back
TRUE
6.
FLASHCARD QUESTION
Front
When cash is paid for supplies, the Supplies account is increased by a credit.
Back
FALSE
7.
FLASHCARD QUESTION
Front
A drawing account is increased by debits and decreased by credits. TRUE or FALSE?
Back
TRUE
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