A listing of all accounts in numerical order is called a(n) ________. A) Ledger B) Journal C) Income statement D) Chart of accounts

Both the chart of accounts and the ledger ________. A) provide the balance of each account at a specific point in time B) list the account names and numbers of the business C) fulfill the task of showing all of the increases and decreases in each account D) All of the statements are correct.

Regarding T-accounts, which of the following statements is correct? A) A T-account is a more detailed form of an account in the journal. B) The right side of a T-account is a debit for asset accounts and a credit for equity accounts. C) Debits are posted on the right side of the vertical line. D) A T-account is a summary device with credits posted on the right side of the vertical line.

Which of the following accounts decreases with a debit? A) Accounts Receivable B) Notes Payable C) Cash D) Rent Expense

"All debits are increases and all credits are decreases." Is this a correct statement? Explain your answer. Answer: