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ACCT C-100 QIUZ 3 - Student Name*Chart of Accounts provided...

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PREVIEW: Accounting 100 Quiz 3 P A G E 1 1. When a transaction is recorded in the ledger accounts, the total dollar amount debited should equal the total dollar amount credited. X True False 2. Increases in assets and expenses are both recorded with debits. X True False 3. On a typical chart of accounts, the accounts are arranged in the same order as they appear in the financial statements. X True False 4. When an owner invests assets in a business, the capital account is debited. True X False 5. If the total of the figures on the debit side of an account is greater than the total on the credit side, the balance is recorded on the debit side. X True False 6. The normal balance side of a liability account is the debit side. True X False 7. Revenue is a subdivision of owner's equity. X True False 8. An account that is kept open from one accounting period to another is a nominal account. True X False 9. The Income Statement is prepared first because the Net Income amount is a line item on the Balance Sheet.
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