Final Exam Feb 2021

Accounts are records of increases and decreases in individual financial statement items.

• true

• false

A chart of accounts is a listing of accounts that make up the journal.

• true

• false

Accounts payable are accounts that you expect will be paid to you.

• true

• false

Consuming goods and services in the process of generating revenues results in expenses.

• true

• false

The Unearned Revenues account is an example of a liability.

• true

• false

The right hand side of a T account is known as a debit and the left hand side is known as a credit.

• true

• false

Liabilities are debts owed by the business entity.

• true

• false

The normal balance of revenue accounts is a credit.

• true

• false

Expense accounts are increased by credits.

• true

• false

Journalizing is the process of entering amounts in the ledger.

• true

• false