chapter2a - Chapter 2a 1 Which of the following statements...

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Chapter 2a 1. Which of the following statements about an account is true? A. In its simplest form, an account consists of two parts. B. An account is an individual accounting record of increases and decreases in specific asset, liability, and owner's equity items. C. There are separate accounts for specific assets and liabilities but only one account for owner's equity items. D. The left side of an account is the credit or decrease side. 2. Debits: A. increase both assets and liabilities. B. decrease both assets and liabilities. C. increase assets and decrease liabilities. D. decrease assets and increase liabilities. 3. A revenue account: A. is increased by debits. B. is decreased by credits. C. has a normal balance of a debit. D. is increased by credits. 4. Accounts that normally have debit balances are: A. assets, expenses, and revenues. B. assets, expenses, and common stock. C. assets, liabilities, and dividends. D.
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This note was uploaded on 01/27/2010 for the course MGT 011A taught by Professor Hancock,john during the Spring '07 term at UC Davis.

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chapter2a - Chapter 2a 1 Which of the following statements...

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