cash will always have more debits than credits cash will never have a credit balance cash is increased by debiting all of the above c ANSWER: Moderate DIFFICULTY: Bloom’s: Remembering ACCT.WARD.16.02-01 - 02-01 LEARNING OBJECTIVES: ACCT.ACBSP.APC.02 - GAAP ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 - Recording Transactions ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic Which of the following is true about T accounts? The left side of a T account is called the debit side. The left side of a T account is called the credit side. The right side of a T account is called the debit side. Transactions are first recorded in T accounts and then posted to the journal. a ANSWER: Easy DIFFICULTY: Bloom’s: Remembering ACCT.WARD.16.02-01 - 02-01 LEARNING OBJECTIVES: ACCT.ACBSP.APC.02 - GAAP ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 - Recording Transactions ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic A cash payment is recorded in the cash account as neither a trial or a credit a credit a debit either a debit or a credit b ANSWER: Moderate DIFFICULTY: Remembering ACCT.WARD.16.02-01 - 02-01 LEARNING OBJECTIVES: ACCT.ACBSP.APC.06 - Recording Transactions ACCREDITING STANDARDS: ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic The balance of an account is determined by adding all of the debits to all of the credits always subtracting the debits from the credits
cash will always have more debits than credits cash will never have a credit balance cash is increased by debiting all of the above ANSWER: c DIFFICULTY: Moderate Bloom’s: Remembering LEARNING OBJECTIVES: ACCT.WARD.16.02-01 - 02-01 ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 - GAAP ACCT.ACBSP.APC.06 - Recording Transactions ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic Which of the following is true about T accounts? The left side of a T account is called the debit side. The left side of a T account is called the credit side. The right side of a T account is called the debit side. Transactions are first recorded in T accounts and then posted to the journal. ANSWER: a DIFFICULTY: Easy Bloom’s: Remembering LEARNING OBJECTIVES: ACCT.WARD.16.02-01 - 02-01 ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 - GAAP ACCT.ACBSP.APC.06 - Recording Transactions ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic A cash payment is recorded in the cash account as neither a or a credit a credit a debit either a debit or a credit ANSWER: b DIFFICULTY: Moderate Remembering LEARNING OBJECTIVES: ACCT.WARD.16.02-01 - 02-01 ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 - Recording Transactions ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic The balance of an account is determined by adding all of the debits to all of the credits always subtracting the debits from the credits trial
Test-Bank-for-Accounting-26th-Edition-by-Warren.docx