To decrease cash, you should credit.

2 points

True

False

To increase interest expense, you should debit.

2 points

True

False

Accounting records are also referred to as the books.

2 points

True

False

An account is a record of increases and decreases in a specific asset, liability, equity, revenue, or expense item.

2 points

True

False

To increase accounts payable, you should debit.

2 points

True

False

To increase dividends, you should credit.

2 points

True

False

The normal balance for purchases, you should debit

2 points

True

Debit

A business is an activity carried out with the intention of earning the profit.

2 points

True

False

It is on the basis of the going concern concept that the asset is always valued at market value

2 points

True

False

A customer's promise to pay is called an account payable to the seller.

2 points

True

False

The normal balance for the vehicle, you should credit.

2 points

True

False

Preparation of a trial balance is the first step in the analyzing and recording process.

2 points

True

False

To increase operating expenses, you should credit.

2 points

True

False

Financial Accounting primarily protects the interests of the outsiders dealing with organizations in various capacities.

2 points

True

False

The profitability statement indicates the number of assets & liabilities.

2 points

True

False

Accounting is an art of recording, classifying & summarizing in a significant manner.

2 points

True

False

To increase bonds payable, you should debit.

2 points

True

False

Notes Payable has a normal balance of credit.

2 points

True

False

The normal balance for Land is debit.

2 points

True

False

In order to decrease supplies expenses, you should debit.

2 points

True

False

In order to increase salaries expense, you should debit.

2 points

True

False

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Your answer

The normal balance for the building is debit.

2 points

True

False