The right side of any account is the Select one: O A. debit side. O B. ending balance. O C.footings. O D. credit side. Which of the following is prepared first? Select one: O A. Trial balance B. Income statement C. Statement of owner's equity O D. Balance sheet The income statement contains Select one: A. revenues. O B. assets. O C. liabilities. O D. Both B and C are correct. Which of the following statements is TRUE? ? Select one: O A. Owner's withdrawals decrease owner's equity. B. Owner's withdrawals decrease net income. C. Net losses cause liabilities to increase. O D. Net income causes liabilities to decrease. The trial balance is prepared from Select one: O A. a summary of all debit balance accounts. B. the transactions during the year. O C. ending balances in the ledger. O D. the beginning balance in the ledger. The business provided services to a cash customer. To record this, Select one: O A. an asset is debited and a revenue is credited. B. an asset is debited and a liability is credited. C. an expense is debited and Capital is credited. O D. None of these are correct. The ledger is Select one: O A. a tool used to ensure that debits equal credits. O B. a group of accounts that records data from business transactions. O C. a tool used to make sure that all accounts have normal balances. O D. a chronological record of the day's transactions. A chart of accounts Select one: A. is a listing of all the accounts used by a company. B. is set up in alphabetical order. O C. includes account balances. O D. All of the above are correct. The Office Supplies account is Select one: A. an asset, and it has a normal debit balance. O B. an expense, and it has a normal credit balance. C. a revenue, and it has a normal debit balance. O D. an asset, and it has a normal credit balance. Not yet answered Marked out of 1.00 P Flag question Putting the information into the accounting system would be called Select one: : O A. analyzing. B. summarizing. O C. recording. D. classifying. Bookkeeping is primarily Select one: A. record-keeping. B. preparing financial reports. O c. preparing tax reports. O D. analyzing the company's financial position. Which type of account would NOT be reported on the balance sheet? Select one: O A. Cash B. Revenue O C. Accounts Receivable O D. Accounts Payable Given the following list of accounts with normal balances, what are the trial balance totals of the debits and credits? $1000 500 Cash Equipment Accounts Payable Capital Service Fees 250 1000 1000 Salaries Expense 750 Select one: O A. $2,250 debit, $2,250 credit B. $4,500 debit, $4,500 credit O C. $1,125 debit, $1,125 credit O D. $3,250 debit, $3,250 credit Expenses Select one: : O A. are a subdivision of owner's equity O B. are costs the company incurs in carrying on operations. O C.record personal expenses not related to the business. O D. Both A and B are correct. The financial statement that shows business results in terms of revenue and expenses is Select one: O A. a statement of owner's equity. O B. a balance sheet. C. an income statement. D. the statement of cash flows. The first step in analyzing a transaction is Select one: O A. to decide if the accounts are increasing or decreasing. O B. to decide to which categories the accounts belong. C. to decide where the amounts belong. O D. to decide which accounts are affected. The trial balance is prepared from Select one: O A. a summary of all debit balance accounts. O B. the transactions during the year. O C. ending balances in the ledger O D. the beginning balance in the ledger