Accounting Chapter 2
Authored by Amy McCutchen
Life Skills
9th Grade - University
Used 634+ times
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20 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An amount recorded on the right side of a T account is a debit.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Each liability account has a normal debit balance.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Asset accounts decrease on the credit side.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Each transaction changes the balances in at least two accounts.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When cash is paid for supplies, the Supplies account is increased by a credit.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A drawing account is increased by debits and decreased by credits.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Increases in expense accounts are recorded as debits because they decrease the owner’scapital account.
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