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93) A business uses a credit to record: A) An increase in an expense account. B) A decrease in an asset account. C) A decrease in an unearned revenue account. D) A decrease in a revenue account. E) A decrease in a capital account. Answer: B 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: Analytical Thinking / Keyboard Navigation AICPA: BB Industry; FN Decision Making 94) A tool that represents a ledger account and is used to show the effects of transactions is called a: A) Withdrawals account. B) Capital account. C) Trial balance. D) T-account. E) Balance column sheet. Answer: D 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 95) Identify the statement below that is correct: A) The left side of a T-account is the credit side. B) Debits decrease asset and expense accounts, and increase liability, equity, and revenue accounts. C) The left side of a T-account is the debit side. D) Credits increase asset and expense accounts, and decrease liability, equity, and revenue accounts. E) The total amount debited need not equal the total amount credited for a particular transaction. Answer: C 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: Analytical Thinking / Keyboard Navigation AICPA: BB Industry; FN Decision Making 27 Copyright 2019 Š McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.

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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  

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

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