Lawton Company records business transactions in dollars and disregards changes in the value dollar over time. Which of the following accounting assumption does this represent? A) going concern assumption B) monetary unit assumption C) economic entity assumption D) accounting period assumption 9) Which of the following accounts decreases with a debut? A) Notes Payable B) Rent Expense Accounts Receivable D) Cash TO) For Omice Supplies the category of account and its normal balance is A) assets and a credit balance B) assets and a debit balance C) liabilities and a credit balance D) liabilities and a debit balance A) Expenses increase equity, 11) Which of the following statements is TRUE of expenses? crease equity, so an expense account's normal balance is a credit balance. Expenses decrease equity, so an expense account's normal balance is a debit balance Expenses increase equity, so an expense account's normal balance is a debit balance. Expenses decrease equity, so an expense account's normal balance is a credit balance 12) Which one of the following account groups will decrease with a debit? A) revenues and expenses B) assets and liabilities C) abilities and revenues D) assets and expenses 13) Which of the following accounts decreases with a credit? A) Cash B) Accounts Payable C) Uneamed Revenue D) Owner, Capital 14) Which of the following accounts increases with a credit? A) Accounts Receivable B) Prepaid Expense C) Owner, Capital D) Owner, Withdrawals 15) Which of the following is an asset account? A) Accounts Receivable C) Notes Payable B) Uneamed Revenue D) Wages Payable 16) 16) A liability created when a business receives cash from customers in advance of providing services or delivering goods is called a(n). A) notes receivable B) accrued liability C) uneamed revenue D) service revenue 17) The economic resources of a business such as furniture, building and land are its A) revenues B) owner's equity C) assets D) liabilities 18) Which of the following accounts is an asset? A) Service Revenue Salaries Expense B) Prepaid Expense D) Accounts Payable