Chapter 2 Test Questions.docx - Chapter 2 Test Questions 1 The records that are kept for the individual asset liability and owner's equity components

Chapter 2 Test Questions.docx - Chapter 2 Test Questions 1...

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Chapter 2 Test Questions 1.The records that are kept for the individual asset, liability, and owner's equity componentsare known as accounts. 2.Assets and expenses may be increased with a: 3.Liabilities, equity, and revenue accounts are decreased with: 4.Accounts are increased with credits and decreased with debits. 5.Which accounting record is sometimes known as the book of original entry? 6.The journal entry to record the billing of clients for services rendered would involve a debit to Accounts Receivable and a credit to: 7.Which account would be debited to reflect receipt of a $500 utility bill? 8.All the accounts taken together comprise a firm's: 9.The transactions in the journal and the accounts in the ledger are linked together by a transfer process called:
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