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Chapter 2 Recording Business Transactions

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Question;2) The system of accounting in which every;transaction affects at least two accounts is called the double-entry system.;3) An asset account is increased by a;debit.;4) The Common Stock account is increased;by a debit.;5) The Dividends account is increased by a;debit.;6) A liability account is increased by a;debit.;7) An account that normally has a debit;balance may occasionally have a credit balance.;8) All asset accounts and equity accounts;increase with a debit.;9) The balances in the accounts of;liabilities and revenues are increased with a credit.;10) The normal balance of an account is;the increase side of the account.;11) When a business makes a cash payment;the Cash account is debited.

 

Paper#55120 | Written in 18-Jul-2015

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