Financial Accounting > QUESTIONS & ANSWERS > AC 160Chapter_3. Chapter 3—The Double-Entry Framework (All)

AC 160Chapter_3. Chapter 3—The Double-Entry Framework

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1. An increase or decrease in any asset, liability, owner's equity, revenue, or expense is always accompanied by an offsetting change within the basic accounting elements. ANS: T DIF: Easy OBJ: LO 3... -1 MSC: AACSB Communication 2. A T account has three parts: the title, the debit side, and the credit side. ANS: T DIF: Easy OBJ: LO 3-1 MSC: AACSB Communication 3. To debit an account is to enter an amount on the left side of the account. ANS: T DIF: Easy OBJ: LO 3-3 MSC: AACSB Communication 4. Asset accounts normally have debit balances. ANS: T DIF: Easy OBJ: LO 3-3 MSC: AACSB Communication 5. Revenue accounts normally have debit balances. ANS: F DIF: Easy OBJ: LO 3-3 MSC: AACSB Communication 6. Prepaid Insurance is an expense account. ANS: F DIF: Easy OBJ: LO 3-4 MSC: AACSB Communication 7. At least two accounts are affected by every transaction. ANS: T DIF: Easy OBJ: LO 3-4 MSC: AACSB Communication [Show More]

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