Debits always equal Credits.
- True
- False
The Left side of an account is the Credit side.
- True
- False
Debits always increase an account's balance.
- True
- False
Which of the following accounts normally have a debit balance ?
Which of the following accounts normally have a credit balance ?
All accounts have a normal balance which is either a debit or credit balance.
- True
- False
When you record an entry on the left side of an account this is called crediting the account.
- True
- False
Every transaction involves at least one debit and one equal offsetting credit.
- True
- False
Debits increase liability accounts.
- True
- False
The cash account is increased by using a credit.
- True
- False
Whether a debit or credit to an account is an increase or a decrease depends on the type of account.
- True
- False
A credit to a particular type of account always does the opposite that a debit does (increase or decrease).
- True
- False
The terms debit and credit should not be associated with good or bad.
- True
- False
Not all accounts have an increase and decrease side.
- True
- False
All accounts can be debited and credited.
- True
- False
Dr and Cr are abbreviations used to denote debits and credits.
- True
- False
An increase to assets is always a credit.
- True
- False
An increase to equity is always a debit.
- True
- False
An increase to an expense is always a credit.
- True
- False
An increase in revenues is always a credit.
- True
- False
An increase in liabilities is alwys a credit.
- True
- False
When you record an entry on the right side of an account this is called debiting the account.
- True
- False
Which of the following accounts are increased by a debit ?
Which of the following accounts are increased by using a credit ?
Which of the following accounts are decreased by a debit ?
Which of the following accounts are decreased by a credit ?
Asset accounts normally have a credit balance.
- True
- False
Revenue Accounts normally have a credit balance.
- True
- False
Liability accounts normally have a debit balance.
- True
- False