Part One Time left 00:49:42 Question 11 Not yet answered Marked out of 2.00 Which of the following statements is true regarding debits and credits7 Select one: a. The rules for debit and credit and the normal balance of Share Capital are not the same as for O liabilities b. On the income statement, debits are used to Increase account balances, whereas on the statement of financial position credits are used to increase account balances c. On the income statement expenses are increased by debit whereas on the statement of financial position retained earnings is increased by a credit O d. Before adjustments, debits will not equal credits in the trial balance Question 12 Not yet answered Marked out of 2.00 A soundly developed conceptual framework of concepts and objectives should Select one 8 increase financial statement users understanding of and confidence in financial reporting o b.allow new and emerging practical problems to be more quickly solved O call of these ANSWERS are correct o d enhance comparability among companies 9