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Chapter 2--Analyzing Transactions




Question;85. Which;statement(s) concerning cash is (are) true?;A. cash will always have more debits than credits;B. cash will never have a credit balance;C. cash is increased by debiting;D. all of the above;86. A;debit may signify a(n);A. decrease in asset accounts;B. decrease in liability accounts;C. increase in the capital account;D. decrease in the drawing account;87. Which;of the following types of accounts have a normal credit balance?;A. assets and liabilities;B. liabilities and expenses;C. revenues and liabilities;D. capital and drawing;88. Which;of the following groups of accounts have a normal debit balance?;A. revenues, liabilities, and capital;B. capital and assets;C. liabilities and expenses;D. assets and expenses;89. Which;one of the statements below is not a purpose for the;journal?;A. to show increases and decreases in accounts;B. to show a chronological order by date;C. to show a complete transaction in one place;D. to help locate errors;90. A;credit may signify a;A. decrease in assets;B. decrease in liabilities;C. decrease in capital;D. decrease in revenue;91. A;debit signifies a decrease in;A. assets;B. expenses;C. drawing;D. revenues;92. Which;of the following applications of the rules of debit and credit is true?;A. decrease Prepaid Insurance with a credit and the normal balance is a;credit;B. increase Accounts Payable with a credit and the normal balance is a;debit;C. increase Supplies Expense with a debit and the normal balance is a;debit;D. decrease Cash with a debit and the normal balance is a credit


Paper#55147 | Written in 18-Jul-2015

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