Ch2Quiz - 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

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Sheet1 Page 1 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 ite m 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 owner's capital. C. assets, liabilities, and owner's drawings. *D. assets, owner's drawings, and expenses. _____________________________________________________________ 5. The expanded accounting equation is:
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This note was uploaded on 02/13/2011 for the course ACCT 510 taught by Professor Tewes during the Spring '09 term at Davenport.

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Ch2Quiz - 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

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