Accounting Principles The Recording Process

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Accounting Principles The Recording Process

Lẽ Thu Thuỳ - BBAEỈ2B - 11195077ANSWER OF CHAPTER 2’S HOMEWORKTRUE - FALSE STATEMENTNoStatementCorrect1TRUEEconomic events that require recording in t

Accounting Principles The Recording Process the financial statements are called accounting transactions.2TRUERevenue increases stockholders' equity and should be recorded whenever cash is receiv

ed from customers.3FALSECollection on an account receivable will increase cash and decrease accounts receivable.4TRUEThe payment of a liability decrea Accounting Principles The Recording Process

ses both cash and accounts payable.5FALSEIf total assets are increased, there must be a corresponding increase in liabilities or a decrease in cash6FA

Accounting Principles The Recording Process

LSE7FALSEThe recording process can not becomes more efficient and informative if all transactions are recorded in one account.8TRUEAn account consists

Lẽ Thu Thuỳ - BBAEỈ2B - 11195077ANSWER OF CHAPTER 2’S HOMEWORKTRUE - FALSE STATEMENTNoStatementCorrect1TRUEEconomic events that require recording in t

Accounting Principles The Recording Process ween total debit amounts and total credit amounts.10TRUEAn account is often referred to as a T-account because of the way it is constructed.11FALSEA d

ebit to an account not indicates an increase in that account.12TRUEIf a revenue account is credited, the revenue account is increased.13FALSEThe norma Accounting Principles The Recording Process

l balance of all accounts is not a debit (With asset accounts, like Cash and Accounts Receivable for example, the normal balance would be a debit. But

Accounting Principles The Recording Process

with liability accounts, like Accounts Payable for instance, the normal balance would be a credit.)14FALSEDebit and credit can not be interpreted to

Lẽ Thu Thuỳ - BBAEỈ2B - 11195077ANSWER OF CHAPTER 2’S HOMEWORKTRUE - FALSE STATEMENTNoStatementCorrect1TRUEEconomic events that require recording in t

Accounting Principles The Recording Process liability account is recorded by a debit.17TRUEAn increase in an asset is recorded by a debit.Lê Thu Thuỷ - BBAEỈ2B - 1119507718FALSEDouble-entry refe

rs to an accounting concept whereby assets liabilities - owners' equity.19FALSEA credit balance in a liability account indicates the amount owed to v Accounting Principles The Recording Process

endors20FALSEThe normal balance of an asset is a debit.21TRUEThe normal balance of the dividend account is a credit.22TRUEAssets are decreased with a

Accounting Principles The Recording Process

credit.23FALSEA decrease in a liability account is recorded by a debit.24TRUEA decrease in a liability is recorded by a debit.25TRUEAn increase in an

Lẽ Thu Thuỳ - BBAEỈ2B - 11195077ANSWER OF CHAPTER 2’S HOMEWORKTRUE - FALSE STATEMENTNoStatementCorrect1TRUEEconomic events that require recording in t

Accounting Principles The Recording Process n of the retained earnings account and appears as an expense on the income statement.28TRUERevenues are a subdivision of stockholders’ equity (common

stock, retained earnings, dividends, and expenses)29FALSEUnder the double-entry system, revenues must not always equal expenses.30FALSETransactions ar Accounting Principles The Recording Process

e entered in the journal first and then they are analyzed in terms of their effect on the accounts.31TRUESource documents can provide evidence that a

Accounting Principles The Recording Process

transaction has occurred.32TRUEEach transaction must be analyzed in terms of its effect on the accounts before it can be recorded in a journal.

Lẽ Thu Thuỳ - BBAEỈ2B - 11195077ANSWER OF CHAPTER 2’S HOMEWORKTRUE - FALSE STATEMENTNoStatementCorrect1TRUEEconomic events that require recording in t