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18. A debit (Points : 1) is on the left side. decreases assets. increases liabilities. increases owner's equity.
A debit is on the left side.
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Asked 2/3/2015 10:43:26 AM
Updated 2/5/2015 7:14:16 PM
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18. A debit (Points : 1) is on the left side. decreases assets. increases liabilities. increases owner's equity.
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debnjerry
M
A debit is on the left side.
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Added 2/5/2015 7:14:16 PM
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6. The terms "profit and loss statement" or "operating statement" are sometimes used as synonyms for the balance sheet. (Points : 1) True False
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Question
Updated 2/7/2015 11:07:55 AM
1 Answer/Comment
3
debnjerry
M
The terms "profit and loss statement" or "operating statement" are sometimes used as synonyms for the balance sheet. This is FALSE. They are used as synonyms for the income statement.
Added 2/7/2015 11:07:55 AM
This answer has been confirmed as correct and helpful.
5. A business that makes a product to sell is called a manufacturing business. (Points : 1) True False
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Question
Not Answered
Updated 2/3/2015 10:38:55 AM
1 Answer/Comment
3
jeifunk
M
A business that makes a product to sell is called a manufacturing business. TRUE.
Added 2/3/2015 10:38:55 AM
This answer has been confirmed as correct and helpful.
13. The capital account (Points : 1) decreases with increased revenue. increases with increased expenses. has a normal balance of a debit. increases when the owner invests money in the business.
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Question
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Updated 2/5/2015 7:15:39 PM
1 Answer/Comment
3
debnjerry
M
The Capital account increases when the owner invests money in the business.
Added 2/5/2015 7:15:39 PM
This answer has been confirmed as correct and helpful.
16. Examples of revenue accounts include all of the following EXCEPT (Points : 1) Wages. Sales. Delivery Fees. Professional Fees.
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Question
Updated 11/25/2017 11:52:49 AM
1 Answer/Comment
3
emdjay23
Examples of revenue accounts include all of the following EXCEPT wages.
Added 11/25/2017 11:52:49 AM
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Confirmed by
yumdrea
[11/25/2017 12:54:24 PM]
22. A trial balance is taken periodically to check the equality of the debits and credits. (Points : 1) True False
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Question
Not Answered
Updated 12/20/2017 8:46:57 AM
1 Answer/Comment
3
sujaysen
A trial balance is taken periodically to check the equality of the debits and credits. True.
Added 12/20/2017 8:46:57 AM
This answer has been confirmed as correct and helpful.
Confirmed by
yumdrea
[12/20/2017 9:33:50 AM]
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