29 Jun Question Question 1 The normal balance of any acc
Question
Question 1
The normal balance of any account is the
right side.
side which decreases that account.
side which increases that account.
left side.
Question 2
Which one of the following represents the expanded basic accounting equation?
Assets + Owner’s Drawings + Expenses = Liabilities + Owner’s Capital + Revenues.
Assets – Liabilities – Owner’s Drawings = Owner’s Capital + Revenues – Expenses.
Assets = Liabilities + Owner’s Capital + Owner’s Drawings – Revenue – Expenses.
Assets = Revenues + Expenses – Liabilities.
Question 3
Which of the following is not true of the terms debit and credit?
They can be abbreviated as Dr. and Cr.
They can be interpreted to mean left and right.
They can be used to describe the balance of an account.
They can be interpreted to mean increase and decrease.
Question 4
Assets normally show
debit balances.
debit or credit balances.
credit balances.
debit and credit balances.
Question 5
When an owner makes a withdrawal
it doesn’t have to be cash, it could be another asset.
the drawing account will be decreased with a debit.
the drawing account will be increased with a credit.
the capital account will be directly increased with a debit.
Question 6
During 2010, its first year of operations, Yaspo’s Bakery had revenues of $60,000 and expenses of $33,000. The business had owner drawings of $18,000. What is the amount of owner’s equity at December 31, 2010?
$18,000 debit
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