Question and answer
An increase or decrease in any asset, liability, owner's equity, revenue, or expense is always accompanied by an offsetting change within the basic accounting elements. (Points : 1) True False
An increase or decrease in any asset, liability, owner's equity, revenue, or expense is always accompanied by an offsetting change within the basic accounting elements. TRUE
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Question|Asked by pooh89
Asked 5/3/2015 1:55:05 PM
Updated 6/15/2015 7:06:09 AM
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An increase or decrease in any asset, liability, owner's equity, revenue, or expense is always accompanied by an offsetting change within the basic accounting elements. TRUE
Added 6/15/2015 7:06:09 AM
This answer has been confirmed as correct and helpful.
Confirmed by debnjerry [6/30/2015 5:30:33 PM], Rated good by debnjerry
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Questions asked by pooh89
According to the business entity concept, a proprietor may include nonbusiness assets and liabilities in the business entity's accounting records. (Points : 1) True False
Question|Asked by pooh89
Updated 5/4/2015 6:00:23 AM
1 Answer/Comment
According to the business entity concept, a proprietor may include nonbusiness assets and liabilities in the business entity's accounting records. FALSE
Added 5/4/2015 6:00:23 AM
This answer has been confirmed as correct and helpful.
An increase in a revenue account may also result in an increase in the accounts receivable account. (Points : 1) True False
Weegy: Accounts Receivable is amounts owed by customers to another entity in exchange for goods or services that have been delivered or used, but not yet paid for. User: Recognizing the effects of transactions on assets, liabilities, owner's equity, revenue, and expenses of a business is the processing function. (Points : 1) True False (More)
Question|Asked by pooh89
Updated 6/30/2015 5:30:19 PM
3 Answers/Comments
Recognizing the effects of transactions on assets, liabilities, owner's equity, revenue, and expenses of a business is the processing function. TRUE
Added 6/15/2015 7:47:35 AM
This answer has been confirmed as correct and helpful.
Confirmed by debnjerry [6/30/2015 5:29:06 PM], Rated good by debnjerry
An increase in a revenue account may also result in an increase in the accounts receivable account. TRUE
Added 6/30/2015 5:30:07 PM
This answer has been confirmed as correct and helpful.
Please check the whole conversation.
Added 6/30/2015 5:30:19 PM
To debit an account is to enter an amount on the left side of the account. (Points : 1) True False
Question|Asked by pooh89
Not Answered
Updated 5/4/2015 5:55:10 AM
1 Answer/Comment
To debit an account is to enter an amount on the left sie of the account. TRUE
Added 5/4/2015 5:55:10 AM
This answer has been confirmed as correct and helpful.
Revenues (Points : 1) decrease liabilities. decrease cash. increase expenses. increase owner's equity.
Weegy: Revenues increase owner's equity. (More)
Question|Asked by pooh89
Expert Answered
Updated 5/4/2015 5:57:28 AM
0 Answers/Comments
Liability accounts normally have debit balances. (Points : 1) True False
Question|Asked by pooh89
Not Answered
Updated 5/4/2015 5:54:32 AM
1 Answer/Comment
Liability accounts normally have debit balances. FALSE - they normally have credit balances.
Added 5/4/2015 5:54:32 AM
This answer has been confirmed as correct and helpful.
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