The Common Stock account is increased by a debit. Indicate whether the statement is true or false ANSWER FALSE
Date: September 2nd, 2020
The Dividends account is increased by a debit. Indicate whether the statement is true or false ANSWER TRUE
Date: September 2nd, 2020
Companies use a ledger to show all of the increases and decreases in each account along with their balances. Indicate whether the statement is true or false ANSWER TRUE
Date: September 2nd, 2020
Liabilities are economic resources that are expected to benefit the business in the future. Indicate whether the statement is true or false ANSWER FALSE
Date: September 2nd, 2020
A chart of accounts provides more detail than a ledger. Indicate whether the statement is true or false ANSWER FALSE
Date: September 2nd, 2020
A payable involves a future receipt of cash. Indicate whether the statement is true or false ANSWER FALSE
Date: September 2nd, 2020
A chart of accounts is a list of all of a company’s accounts with their account numbers. Indicate whether the statement is true or false ANSWER TRUE
Date: September 2nd, 2020
Unearned revenue is a liability account. Indicate whether the statement is true or false ANSWER TRUE
Date: September 2nd, 2020
Dividends and expenses increase equity. Indicate whether the statement is true or false ANSWER FALSE
Date: September 2nd, 2020
________ represents a debt owed for renting a building currently. A) Prepaid Rent B) Rent Payable C) Rent Revenue D) Rent Expense ANSWER B
Date: September 2nd, 2020
