An accounting device used to analyze transactions is a T account.

Accounting Chapter 2

Quiz
•
10th - 12th Grade
•
Medium
Michelle Henley
Used 280+ times
FREE Resource
29 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
True
False
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Decreases to liability accounts are recorded on the credit side.
True
False
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
To summarize withdrawal information separately from the other records, owner withdrawal transactions are recorded in the owner's capital account.
True
False
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An amount recorded on the right side a T account is a debit.
True
False
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Each asset account has a normal credit balance.
True
False
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Prepaid Insurance is decreased with a credit.
True
False
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Cash is increased with a debit.
True
False
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