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28) Asset accounts normally have debit balances and revenue accounts normally have credit balances. Answer: TRUE Difficulty: 2 Medium Topic: Debits and Credits Learning Objective: 02-C4 Define debits and credits and explain double-entry accounting. Bloom's: Understand AACSB/Accessibility: Communication / Keyboard Navigation AICPA: BB Industry; FN Decision Making 29) An owner's withdrawal account normally has a debit balance. Answer: TRUE Difficulty: 1 Easy Topic: Debits and Credits Learning Objective: 02-C4 Define debits and credits and explain double-entry accounting. Bloom's: Remember AACSB/Accessibility: Communication / Keyboard Navigation AICPA: BB Industry; FN Decision Making 30) A debit entry always increases an account. Answer: FALSE Difficulty: 2 Medium Topic: Debits and Credits Learning Objective: 02-C4 Define debits and credits and explain double-entry accounting. Bloom's: Understand AACSB/Accessibility: Communication / Keyboard Navigation AICPA: BB Industry; FN Decision Making 31) A transaction that credits an asset account and credits a liability account must also affect one or more other accounts. Answer: TRUE Difficulty: 3 Hard Topic: Analyzing Transactions Learning Objective: 02-A1 Analyze the impact of transactions on accounts and financial statements. Bloom's: Apply AACSB/Accessibility: Analytical Thinking / Keyboard Navigation AICPA: BB Industry; FN Decision Making

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Test Bank for Fundamental Accounting Principles 24th Edition Wild  

Fundamental Accounting Principles 24th Edition Wild Test Bank 2019 (9781259916960) (1259916960). Instant test bank download. Download from h...

Test Bank for Fundamental Accounting Principles 24th Edition Wild  

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