ABM 1 REVIEW QUIZ

When liabilities increase we debit

• True

• False

When cash increases we

• Credit

• Debit

• None of the above

Applying the accounting equation determine the Capital.

Assets = $150,000

Liabilities= $75,000

• $70,000

• $75,000

• $85,000

• $65,000

Applying the Accounting Equation. Determine assets.

Liabilities= $80,000

Capital/Owners' Equity=$95,000

• $165,000

• $90,000

• $175,000

When accounts payable increases you credit.

• True

• False

When accounts receivable increases we debit

• True

• False

Apply the rules of Debit and Credit to the following accounts:
A decrease to cash is a _______?

• Debit
• Credit

An increase to cash is ________?

• Debit
• Credit

An increase to a revenue account is a

• Debit
• Credit

An increase to Supplies is a

• Debit
• Credit