Question: 1.which statement is true regarding the rules of debit and credit for accounts? assets are credited for decreases liabilities are credited for decreases revenues are

1.which statement is true regarding the rules of debit and credit for accounts?

assets are credited for decreases

liabilities are credited for decreases

revenues are debited for increases

expenses are credited for increases

2. When a business earns revenue and receives and receives cash, which of the following is true?

cash is debited and revenues is credited

revenue is debited and cash is credited

accounts receivable is debited and revenues is credited

revenues is debited and a liability is credited

3.which of the following is true regarding the accrual basis of accounting?

revenues are recognized as cash is received

expenses are recognized as cash as paid

the purchase of a building would be debited to an expense

revenue is recorded at the time the company performs the service

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