Chapter 2 - Debits and Credits Quiz
Quiz by John Peters
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- Q1A list of accounts used by a business.
Normal Balance
Chart of accountsAccount Title
300s - Q2An amount recorded on the right side of a T account.
Sales Amount
Debit
Credit300s - Q3An amount recorded on the left side of a T account.
Credit
Mortgage
Debit300s - Q4The side of the account that is increased.
Chart of Accounts
Normal balanceCredit
300s - Q5An accounting device used to analyze transactions.T account
Chart of Accounts
Normal Balance
300s - Q6
An amount recorded on the left side of a T account is a Credit
True
False
300s - Q7
Each asset account has a normal debit balance.
False
True
300s - Q8
Each liability account has a normal credit balance.
False
True
300s - Q9
Each transaction changes the balances in at least two accounts.
False
True
300s - Q10
When cash is paid for supplies, the supplies account is increased by a debit.
False
True
300s - Q11
Increases in expense accounts are recorded as debits because they decrease the owner's capital account.
False
True
300s - Q12
Accounts payable accounts are increased with a debit.
False
True
300s - Q13
Cash is increased with a credit.
False
True
300s - Q14
Prepaid Insurance is decreased with a credit.
False
True
300s - Q15
Increases to liability accounts are recorded on the debit side.
True
False
300s