Accounting Week 7 P4 Explore

What shape does a T-account resemble?

• A circle

• A square

• A T

• A triangle

In the assets section of the balance sheet, what does a debit represent?

• A decrease in value

• An increase in value

• No change in value

• A transfer of value

On the income statement, how is an increase in expenses recorded?

• As a balance

• As a transfer

• As a debit

• As a credit

How does the balance sheet remain balanced when recording transactions?

• By ensuring debits equal credits

• By only recording credits

• By ignoring debits

• By using a single entry system