Debits and Credits I

Debits and Credits IAccounting Play 12022-11-07T16:25:48+00:00

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2Question 1-10

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1. What is not a purpose of debits and credits?
- Disclose detailed information
- Adjust transactions
- Ensure all transactions are entered
- Categorize transactions
2. Every accounting transaction has at least one debit and one credit:
- True
- False
3. The sum of assets will equal the sum of liability and equity accounts on which financial statement?
- Notes
- Statement of shareholders' equity
- Balance sheet
- Income statement
4. What is typically presented first in an adjusting journal entry?
- Debit
- Credit
5. Contra assets increase with a debit or credit?
- Debit
- Credit
6. What is a benefit of debits and credits?
- Automatically reconciles cash
- Every transaction is classified and recorded
- Provides accounts receivable aging data
- Provides accounts payable aging data
7. Equity decreases with a debit or credit?
- Debit
- Credit
8. Increase accounts receivable:
- Debit
- Credit
9. What is a typical transaction entered via journal entry?
- Record sales
- Reduce accounts payable
- Record depreciation
- Record phone expense
10. What is the normal balance of a contra revenue account?
- Debit
- Credit
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