Accounting Chp 2 Analyzing Transactions

Accounting Chp 2 Analyzing Transactions

Assessment

Flashcard

Other

10th - 12th Grade

Practice Problem

Hard

Created by

Danielle Peterson

Used 1+ times

FREE Resource

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19 questions

Show all answers

1.

FLASHCARD QUESTION

Front

A drawing account is increased by debits and increased by credits.

Back

True

2.

FLASHCARD QUESTION

Front

Accounts Payable accounts are increased with a credit.

Back

True

3.

FLASHCARD QUESTION

Front

Is the owner's equity account increased on the debit side because the owner's capital account has a normal balance on the debit side?

Back

False

4.

FLASHCARD QUESTION

Front

Asset accounts decrease on the debit side (True/False)

Back

False

5.

FLASHCARD QUESTION

Front

Cash is an asset account with a normal credit balance.

Back

False

6.

FLASHCARD QUESTION

Front

Each liability account has a normal debit balance.

Back

False

7.

FLASHCARD QUESTION

Front

Increase in revenue accounts are recorded as credits, because they increase the owner's capital account.

Back

True

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