poa 02

Which of the following statements about an account is true?

• In its simplest form, an account consists of two parts.

• An account is an individual accounting record of increases and decreases in speci;c asset, liability, and equity items.

• There are separate accounts for speci;c assets and liabilities but only one account for equity items.

• The left side of an account is the credit or decrease side.

debit

• increase both assets and liabilities

• decrease both assets and liabilities

• increase assets and decrease liabilities

• decrease assets and increase liabilities

a revenue account

• is increased by debits

• is decreased by credits

• has a normal balance of a debit

• is increased by credits

what is the normal balance for each of the following accounts?

account receivables

• debit

• credit

what is the normal balance for each of the following accounts?

cash

• debit

• credit

what is the normal balance for each of the following accounts?

dividends

• debit

• credit

what is the normal balance for each of the following accounts?

account payable

• debit

• credit

what is the normal balance for each of the following accounts?

service revenue

• debit

• credit

what is the normal balance for each of the following accounts?

salaries adn wages expense

• debit

• credit

what is the normal balance for each of the following accounts?

share capital

• debit

• credit