Assessment 3 Mock CBT

What will usually cause an asset account to increase?

• Debit

• Credit

What will usually cause the liability account Accounts Payable to increase?

• Debit

• Credit

Entries to expenses such as Rent Expense are usually

• Debit

• Credit

Entries to revenues accounts such as Service Revenues are usually

• Debit

• Credit

When a company pays a bill, the account Cash will be

• Debited

• Credited

When cash is received, the account Cash will be

• Debited

• Credited

Which term is associated with "right" or "right-side"?

• Debit

• Credit

Accounting entries involve a minimum of how many accounts?

• One entry

• Two entries

• not specific

• none of the above

Liabilities often have the word __________ in their account title

• Receivale

• Payable

• accrued

• All of the above

Under the accrual basis of accounting, revenues are reported in the accounting period when the

• Service Or Goods Have Been Delivered

• Cash Is Received

• Cash is owed

• none of the above