Question
1. In addition to requiring that the accounting equation remain in balance, the double-entry system also requires that: the number of asset accounts must equal
1. In addition to requiring that the accounting equation remain in balance, the double-entry system also requires that:
the number of asset accounts must equal the number of liability and stockholder's equity accounts.
for any transaction, only two accounts are affected.
for any transaction, both sides of the accounting equation are affected.
the total dollar amount of debits must equal the total dollar amount of credits.
2.Which of the following would eventually cause Retained Earnings to decrease?
Receiving contributions from investors
Earning unearned revenue
Billing customers for services provided
Using up supplies
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started