6. Which of the following basic elements of financial statements is more associated with the balance sheet than the income statement? a. Equity b. Revenue c. Gains d. Expenses

7. Debit always means a. the right side of an account. b. an increase. c. a decrease. d. None of these answer choices are correct.

8. The double-entry accounting system means a. Each transaction is recorded with two journal entries. b. Each item is recorded in a journal entry, then in a general ledger account. c. The dual effect of each transaction is recorded with a debit and a credit. d. None of these answer choices are correct.

9. A debit is used to decrease which of the following accounts? a. Salaries Expense. b. Accounts Payable. c. Dividends. d. Supplies.