Assets have normal debit balances. The allowance for doubtful accounts is not part of the asset account because it has a normal credit balance

Question 20 options:

	True
	False

Liability cannot be paid with another form of liability

Question 25 options:

	True
	False

The ledger represents the T-form of every account

Question 12 options:

	True
	False

If a transaction causes total liabilities to decrease but does not affect the owner's equity, what change if any will occur in total assets?

Question 13 options:

	Assets will be increased
	Assets will be decreased
	No change
	None of the responses

This represents the services of a salesman, incurred by the business, who is needed to assist the customer

Question 14 options:

	Liabilities
	Expenses
	Revenues
	Assets