Quiz Ch 02 – T/F Debits Increase Assets, Revenues, and Dividends
Financial Accounting
Thomas, Tietz, and Harrison
12th Edition
When using debits, the impact on assets, revenues, and dividends is an increase.
When using debits, the impact on assets, revenues, and dividends is an increase.
An increase in common stock and retained earnings are achieved through the use of debits.
A measurable financial event is a transaction for a business.
The journal is a collection of all T-accounts along with their corresponding balances.
If a slide-type error occurs in a trial balance, the difference between total debits and credits will be divisible by 9.
An account’s balance is the result of subtracting its total credits from its total debits.
With double-entry accounting, a transaction has an impact on exactly two accounts.
A double-entry accounting system captures the dual impact of transactions on the entity.
Cash, land, and accounts payable are among the assets.
Transposition errors in trial balance result in a difference divisible by 2 between total debits and credits.