Supplies are purchased on account. Services are provided on account. Cash is received from customers on account. Utility bill will be paid next month. b ANSWER: Challenging DIFFICULTY: Remembering ACCT.WARD.16.02-02 - 02-02 LEARNING OBJECTIVES: ACCT.ACBSP.APC.02 - GAAP ACCREDITING STANDARDS: - Financial Statements ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic Which of the following groups of accounts are increased with a debit? assets, liabilities, owner’s equity assets, drawing, expenses assets, revenues, expenses assets, liabilities, revenues b ANSWER: Moderate DIFFICULTY: Bloom’s: Remembering ACCT.WARD.16.02-02 - 02-02 LEARNING OBJECTIVES: - GAAP ACCREDITING STANDARDS: ACCT.ACBSP.APC.09 - Financial Statements ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic Which of the following groups of accounts increase with a credit? capital, revenues, expenses assets, capital, revenues liabilities, capital, revenues none of these c ANSWER: Moderate DIFFICULTY: Bloom’s: Remembering ACCT.WARD.16.02-02 - 02-02 LEARNING OBJECTIVES: ACCT.ACBSP.APC.02 - GAAP ACCREDITING STANDARDS: ACCT.ACBSP.APC.09 - Financial Statements ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic of the following is true regarding normal balances of accounts? All accounts have a normal debit balance.
Supplies are purchased on account. Services are provided on account. Cash is received from customers on account. Utility bill will be paid next month. ANSWER: b DIFFICULTY: Challenging Remembering LEARNING OBJECTIVES: ACCT.WARD.16.02-02 - 02-02 ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 - GAAP - Financial Statements ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic Which of the following groups of accounts are increased with a debit? assets, liabilities, owner’s equity assets, drawing, expenses assets, revenues, expenses assets, liabilities, revenues ANSWER: b DIFFICULTY: Moderate Bloom’s: Remembering LEARNING OBJECTIVES: ACCT.WARD.16.02-02 - 02-02 ACCREDITING STANDARDS: - GAAP ACCT.ACBSP.APC.09 - Financial Statements ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic Which of the following groups of accounts increase with a credit? capital, revenues, expenses assets, capital, revenues liabilities, capital, revenues none of these ANSWER: c DIFFICULTY: Moderate Bloom’s: Remembering LEARNING OBJECTIVES: ACCT.WARD.16.02-02 - 02-02 ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 - GAAP ACCT.ACBSP.APC.09 - Financial Statements ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic of the following is true regarding normal balances of accounts? All accounts have a normal debit balance.
Test-Bank-for-Accounting-26th-Edition-by-Warren.docx