Which of the following statements is incorrect? According to the rules of double-entry: (a) A debit entry

Question:

Which of the following statements is incorrect? According to the rules of double-entry:

(a) A debit entry increases the balance in assets and expenses accounts

(b) A credit entry increases the balance in income, liability and capital accounts

(d) A debit entry decreases or eliminates balances in income and liability accounts

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Financial Accounting An Introduction

ISBN: 9780273737650

2nd Edition

Authors: Mr Barry Elliott, Mr Augustine Benedict

See More Books

Question Posted: Aug 26, 2023 06:44 AM

See More Questions

Multiple-Choice Questions 1. Which of the following statements is true? a. Under cash-basis accounting, revenues are recorded when earned and expenses are recorded when incurred. b. Accrual-basis...
1: Which of the following are the same under both GAAP and IFRS? a. The journal. b. The ledger. c. The chart of accounts. d. All of the above. e. Only a & c. 2: Which of the following is true? a....
1.Which of the following below is NOT an element of internal control? a. risk assesment b. monitoring c. information and communication d. behavior analysis ANSWER:D 2. Which of the following below is...
In thinking about the appropriate balance between the market and the government in achieving sustainability, do you think the government needs to take a stronger role or would you favor reducing...
Find the mechanical advantage of each pulley system. 1. 2. 3. 4. 5. 6. 7. 8. FE FR
Defi ne material control. Mention the important stages in material control.
When an organization frequently changes its strategic direction, what problems can arise? (Think in terms of its functional and competitive strategies.) LO1
The accounting records of Earthtone Ceramics included the following balances at the end of the period: In the past, Earthtones warranty expense has been 8% of sales. During 2012, the business paid...
The market risk premium for next period is 7.79% and the risk-free rate is 1.19%. Stock Z has a beta of 0.97 and an expected return of 11.04%. What is the market's reward-to-risk ratio
What type of accounting error has occurred when a payment of 1,570 for advertising was entered in the Cash account as 5,170? (a) Error of principle (b) Error of omission (c) Entry error (d) Error of...
The effect of a credit entry on the balance in a ledger account is (a) Increase the balance in an asset account (b) Decrease the balance in a liability account (c) Increase the balance in asset and...
Audio-2-Go, Inc., manufactures MP3 players. Models A-1, A-2, and A-3 are small and light. They are attached to armbands and use flash memory. Models A-4 and A-5 are somewhat larger and use a built-in...
On July 1, 2021, P Company borrowed P160,000 to purchase 80 percent of the outstanding common stock of S Company. This loan, carrying a 10 percent annual rate, is payable in 8 annual installments...
Case Analysis Strategic leaders, being at the highest level of an organization, are responsible for charting its path to success. They visualize an ideal picture of their enterprise in a futuristic...
3 Refrigerant-134a enters a adiabatic compressor at 100 kPa and -24C with a flow rate of 1.300 m/min and leaves at 800 kPa and 60C. Determine the mass flow rate of R-134a and the power input to the...
The following trial balance of Bramble Traveler Corporation does not balance. Bramble Traveler Corporation Trial Balance April 30, 2025 Debit Credit Cash $6,221 Accounts Receivable 5,350 Supplies...
From this analysis, we can see than the actual number of unit produced was actually less than the forecasted, yet the actual revenue gain from were greater than the forecasted one. This situation...
Suppose the pendulum bob in Figure 8-29 has a mass of 0.33 kg and is moving to the right at point B with a speed of 2.4 m/s. Air resistance is negligible. (a) What is the change in the system's...
A woman at a point A on the shore of a circular lake with radius 2 mi wants to arrive at the point C diametrically opposite on the other side of the lake in the shortest possible A time. She can walk...
Working backward to the income statement Tertia Company presents balance sheets at the beginning and end of 2008 {Exhibit 2.24), as well as a statement of cash receipts and disbursements (Exhibit...
Preparing, adjusting entries Assume that a firm closes its books once per year, on December 31. The firm employs a full-time bookkeeper and a part-time professional accountant who makes all necessary...
Financial ratios are useful metrics for relating two items in the financial statements. Interpreting changes in a particular financial ratio is difficult, however, because the explanation might...
Required information [The following information applies to the questions displayed below.] Dain's Diamond Bit Drilling purchased the following assets this year. Asset Drill bits (5-year) Drill bits...
Which of the following partnership items are not included in the self-employment income calculation? Ordinary income. Section 179 expense. Guaranteed payments. Gain on the sale of partnership...
Phantom Consulting Inc. is a small computer consulting business. The company is organized as a corporation and provides consulting services, computer system installations, and custom program...

Which of the following statements is incorrect? According to the rules of double-entry: (a) A debit entry

Question:

Step by Step Answer:

c A debit en...View the full answer

Financial Accounting An Introduction

Students also viewed these Business questions