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