11) Credit means:
A) decrease.
B) increase.
C) the right side of an account.
D) the left side of an account.
E) the total of the T-account.
12) An example of accounts with normal debit balances would be:
A) liabilities.
B) expenses.
C) revenues.
D) shareholders' equity.
E) retained earnings
13) An example of accounts with normal credit balances would be:
A) revenues.
B) assets.
C) expenses.
D) dividends.
E) accounts receivable.
14) The difference between the total debits and total credits of an account is called a:
A) trial balance.
B) sub-total.
C) ruling.
D) balance.
E) normal balance.
15) The fact that each transaction has a dual effect on the accounting equation provides the basis for what is called:
A) single-entry accounting.
B) double-entry accounting.
C) compound-entry accounting.
D) multiple-entry accounting.
E) re-allocation of accounting.
16) Debit means:
A) decrease.
B) increase.
C) the right side of an account.
D) the left side of an account.
E) the total of the T-account.
17) A T-account has a $759 debit balance. This account is most likely:
A) accounts payable.
B) sales revenue.
C) accounts receivable.
D) common share.
E) notes payable.
18) A T-account has a $509 credit balance. This account is most likely:
A) common shares.
B) land.
C) advertising expense.
D) dividends.
E) cash.
19) A T-account has a $382 debit balance. This account is most likely:
A) income taxes payable.
B) common shares.
C) cash.
D) magazine sales.
E) sales revenue.
20) A T-account has a $299 debit balance. This account is most likely:
A) accounts receivable.
B) bicycle repairs revenue.
C) wages payable.
D) common shares.
E) service fees.