31.For a month's transactions for a typical medium-sized business, the salary expense account is likely to have onlycredit entries.
a.True
b.False
32.When a business receives a bill from the utility company, no entry should be made until the invoice is paid.
a.True
b.False
33.A debit is abbreviated as
Db.
and a credit is abbreviated as
Cr.
a.True
b.False
34.For a month's transactions for a typical medium-sized business, the accounts payable account is likely to have onlycredit entries.
a.True
b.False
35.Dividends decrease stockholders' equity and are listed on the income statement as a deduction from revenue.
a.True
b.False
36.The normal balance of revenue accounts is a credit.
a.True
b.False
37.The normal balance of the dividends account is a debit.
a.True
b.False
38.The normal balance of an expense account is a credit.
a.True
b.False
39.Expense accounts are increased by credits.
a.True
b.False
40.Revenue accounts are increased by credits.
a.True
b.False