A true b false answer key false question 5 of 10 100

A. True
B. False
Answer Key: False
Question 5 of 10
10.0/ 10.0 Points
Expenses for an accounting period are:
A. The costs of goods and/or services consumed in the earning of the revenue of the period.
B. Former assets whose usefulness expired this period in the earning of revenues.
C. Only the amounts actually paid for services used during the period.
D. (a) and (b), but not (c).
Answer Key: D
Question 6 of 10
0.0/ 10.0 Points
Every transaction always affects two or more accounts in a double-entry accounting system.
A. True
B. False
Answer Key: True
Question 7 of 10
0.0/ 10.0 Points
A liability account normally has a debit balance.
A. True
B. False
Answer Key: False
Question 8 of 10

0.0/ 10.0 Points
If $500 cash and a $2,000 note are given in exchange for a delivery truck for use in a business:
A. The stockholders’ equity is increased.
B. Total assets are decreased.
C. Total liabilities are decreased.
D. None of the above.
Answer Key: D
Question 9 of 10
10.0/ 10.0 Points
The accounting cycle steps are all performed at the end of the accounting period.
A. True
B. False
Answer Key: False
Question 10 of 10
10.0/ 10.0 Points
Expense accounts usually have debit balances and show the cost associated with producing
revenue during an accounting period.
A. True
B. False
Answer Key: True