The left side of an account is

• blank

• a description of the account

• the debit side

• the balance of the account

An account consists of

• a title, a debit balance, and a credit balance

• a title, a left side, and a debit balance

• a title, a debit side, and a credit side

• a title, a right side, and a debit balance

A T-account is

• a way of depicting the basic form of an account.

• what the computer uses to organize bytes of information

• a special account used instead of a trial balance

• used for accounts that have both a debit and credit balance

Which of the following correctly identifies normal balances of accounts?

• Assets (Debit) - Liabilities (Credit) – Equity (Credit) - Revenues (Debit) - Expenses (Credit)

• Assets (Debit) - Liabilities (Credit) – Equity (Credit) - Revenues (Credit) - Expenses (Credit)

• Assets (Credit) - Liabilities (Debit) – Equity (Debit) - Revenues (Credit) - Expenses (Debit)

• Assets (Debit) - Liabilities (Credit) – Equity (Credit) - Revenues (Credit) - Expenses (Debit)

For the basic accounting equation to stay in balance, each transaction recorded must

• affect two or less accounts

• affect two or more accounts

• always affect exactly two accounts

• affect the same number of asset and liability accounts

If a company has overdrawn its bank balance, then

• its cash account will show a debit balance

• its cash account will show a credit balance

• the cash account debits will exceed the cash account credits

• it cannot be detected by observing the balance of the cash account

A credit to a liability account

• indicates an increase in the amount owed to creditors

• indicates a decrease in the amount owed to creditors

• is an error

• must be accompanied by a debit to an asset account

Which account below is not a subdivision of retained earnings?

• Dividens

• Revenues

• Expenses

• Share Capital-Ordinary

The Dividends account

• appears on the income statement along with the expenses of the business

• must show transactions every accounting period

• is increased with debits and decreased with credits

• is not a proper subdivision of retained earnings

On June 1, 2020, Alma Inc. reported a cash balance of €18,000. During June, Alma made deposits of €4,500 and made disbursements totalling €24,000. What is the cash balance at the end of June?

• €1,500 debit balance

• €22,500 debit balance

• €1,500 credit balance

• €6,000 credit balance