Answer to Question #332758 in Management for Den

Question

True or False

1. The left side of the T-account is called the debit.
2. Assets are increased by credit.
3. Assets is equal to the sum of liabilities and owner's equity.
4. Increases in liability accounts are credited.
5. Decreases in asset account are credited.
6. An increase in rent expenses is a debit by the rules of debit and credit.
7. income is increased by debit.
8. Expenses are increased by debit.
9. Decreases in liability accounts are debited.
10. Assets,and expense accounts have debit account balances.
11. The business transactions are analyzed using the rules of debit and credit.
12. The documents used by the business may not analyzed if it has financial impact or effect.
13. The journal is a chronological record of the entity's transactions.
14. The journal is a chronological record of the entity's transactions.
15. Joumalizing is the recording phase of accounting.
16. The ledger is the book of final entry.