Is my answer correct for this quiz?

1. C

2. C

3. D

4. A

5. B

6. C

7. D.

8. D.

9. B

10. B.

SMART Prepaid .Ill 27% 11:03 ACCOUNTING-... ACCOUNTING 1 QUIZ # 3 NAME: SECTION: 1. MULTIPLE CHOICE. Encircle the letter of the best answer. No erasure is allowed. 1. The term "debit" implies a. Increase C. Value received b. Decrease d. Value parted with 2. In the accounting equation, expense incurred is a. Deducted from the income c. Deducted from the capital b. Deducted from the asset d. Deducted from the liability 3. The term "credit" implies a. Increase c. Value received b. Decrease d. Value parted with 4. The business rendered services to the customer. The income account should be a. Debited C. Added to the liability b. Credited d. Deducted from the asset 5. The business paid the advertising covering a six-month period. This transaction will a. Increase the capital account c. Increase the income account . Decrease the expense account d. Increase the expense account 6. It refers to the claims of the creditor and the owners of the business. a. Asset C. Equity b. Liability d. Income 7. A note was received from the customer as payment for the services rendered. This will increase the a. Expense account C. Withdrawal account b. Liability account d. Asset account 8. The capital account is affected by the following transactions, except a. Payment of liability c. Incurrence of expense b. Sale of goods d. Realization of income 9. The business billed the customer for services rendered. The asset account should be a. Debited c. Added to the liability b. Credited d. Deducted from the capital 10. Statement 1 Reduction in the value of capital can be attributed to the incurrence of expense. Statement 2 Increase in the value of asset can be attributed to the realization of income a. Only the first statement is correct. c. Both statements are correct. b. Only the second statement is correct. d. Neither statement is correct. O