Question 1

Which of the following statements about revenue is CORRECT?

Accepted Answer

A)  Revenues decrease owner's equity, so a revenue account's normal balance is a credit balance. 
B)  Revenues decrease owner's equity, so a revenue account's normal balance is a debit balance. 
C)  Revenues increase owner's equity, so a revenue account's normal balance is a debit balance. 
D)  Revenues increase owner's equity, so a revenue account's normal balance is a credit balance. 
A)  Revenues decrease owner's equity, so a revenue account's normal balance is a credit balance. 
B)  Revenues decrease owner's equity, so a revenue account's normal balance is a debit balance. 
C)  Revenues increase owner's equity, so a revenue account's normal balance is a debit balance. 
D)  Revenues increase owner's equity, so a revenue account's normal balance is a credit balance.

Question 2

A trial balance summarizes a ledger by listing all the accounts with their ending balances.

Accepted Answer

A) True 
 B)False

Question 3

Debit refers to the right side of the T-account,and credit refers to the left side.

Accepted Answer

A) True 
 B)False

Which of the following statements about revenue is CORRECT?

A trial balance summarizes a ledger by listing all the accounts with their ending balances.

Debit refers to the right side of the T-account,and credit refers to the left side.

Accounting and the Business Environment

The Adjusting Process

Completing the Accounting Cycle

Merchandising Operations

Merchandising Inventory

Internal Control and Cash

Receivables

Plant Assets and Intangibles

Current Liabilities and Payroll

Long-Term Liabilities, bonds Payable, and Classification of Liabilities on the Balance Sheet

Filters

Exam 2: Recording Business Transactions

Which of the following statements about revenue is CORRECT?

A trial balance summarizes a ledger by listing all the accounts with their ending balances.

Debit refers to the right side of the T-account,and credit refers to the left side.

Accounting and the Business Environment

The Adjusting Process

Completing the Accounting Cycle

Merchandising Operations

Merchandising Inventory

Internal Control and Cash

Receivables

Plant Assets and Intangibles

Current Liabilities and Payroll

Long-Term Liabilities, bonds Payable, and Classification of Liabilities on the Balance Sheet

Filters