Credits are entries on the left side of a T-account.

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(T / F) Credits decrease liability, stockholders' equity, and revenue accounts.

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(T / F) A journal contains a chronological record of the transactions of a business. "Journalizing" is the process of entering a transaction in a journal.

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(T / F) "Posting" is the process of transferring information recorded in the journal to the proper places in the ledger.

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(T / F) The left side of any account is the credit side.

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(T / F) Revenues, liabilities, and capital stock accounts are increased by debits.

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(T / F) If the trial balance has equal debit and credit totals, it cannot contain any errors.

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(T / F ) Closing entries are necessary to reduce the balances of revenue, expense, and Dividends accounts to zero so they are ready to receive data for the next accounting period.

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(T / F) The cash basis is more generally accepted than the accrual basis because it provides a better matching of revenues and expenses.

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(T / F) The accumulated depreciation account is a contra-asset account that shows the amount of depreciation for the current year only.

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