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Chapter 2--Analyzing Transactions




Question;31. The;T account got its name because it resembles the letter ?T.?;True False;32. The;right hand side of a T account is known as a debit and the left hand side is;known as a credit.;True False;33. A;debit is abbreviated as Db and a credit is abbreviated as Cr.;True False;34. Debiting;the cash account will increase the account.;True False;35. A;credit to the cash account will increase the account.;True False;36. The;cash account will always be debited.;True False;37. The;recording of cash receipts to the cash account will be done by debiting the;account.;True False;38. The;recording of cash payments from the cash account is done by entering the amount;as a credit.;True False;39. The;balance of the account can be determined by adding all of the debits, adding;all of the credits, and adding the amounts together.;True False;40. When;an owner contributes equipment to the business, he or she retains ownership of;the property.;True False;41. Liabilities;are debts owed by the business entity.;True False;42. The;accounts payable account is listed in the chart of accounts as an asset.;True False;43. A;drawing account represents the amount of withdrawals made by the owner.;True False;44. Revenues;are equal to the difference between cash receipts and cash payments.;True False;45. Expenses;use up assets or consume services in the process of generating revenues.;True False


Paper#55143 | Written in 18-Jul-2015

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