8. An account is said to have a debit balance if A. The amount of the debits exceeds the amount of the credits B. There are more entries on the debit side than on the credit side C. There are more entries on the credit side than on the debit side D. The first entry of the accounting period was posted on the debit side.

9. The balance of an account is determined by: A. Adding all of the debits to all of the credits B. Always subtracting the debits from the credits C. Adding all of the debits, adding all of the credits, and then subtracting the smaller from the larger sum D. Always subtracting the credits from the debits

10. Randomly listed below are the steps for preparing a trial balance: (1). Verify that the total of the Debit column equals the total of the credit column (2). List the accounts from the ledger and enter their debit or credit balance in the debit or credit column of the trial balance. (3). List the name of the company, the title of the trial balance, and the date the trial balance is prepared. (4). Total the Debit and Credit columns of the trial balance. A. (3), (2), (1), (4) B. (3), (2), (4), (1) C. (4), (3), (2), (1) D. (2), (3), (4), (1)

11. Journal entry for a cash payment of utility bills would be: A. debit Cash; credit Utility Expense B. debit Utility Expense; credit Cash C. debit Utility expense; credit Accounts Payable D. debit Accounts Payable; credit Cash

12. Which group of accounts is composed of only assets? A. Accounts Receivable, Revenue, Cash B. Unearned Revenues, Prepaid Expenses, Cash C. Prepaid Expenses, Buildings, Patents D. Cash, Accounts Payable, Buildings

13. Which of the following entries records the purchase of common stock by stockholders? A. debit Cash; credit Common Stock B. debit Fees Earned; credit Common Stock C. debit Dividends; credit Cash D. debit Common Stock; credit Accounts Receivable