Multiple Choice
Regarding the preparation of financial statements, which of the following is TRUE?
A) The left column of the Income statement is used only to sub-total amounts.
B) Financial statements have debit and credit columns.
C) The Balance Sheet is prepared first.
D) Each amount on the Balance Sheet can be found on the Trial Balance. (careful!)
Correct Answer:
Verified
Correct Answer:
Verified
Q1: A credit to an asset account was
Q3: The Accounts Receivable account is<br>A) a revenue,
Q4: Which of the statements of the rules
Q5: The debit side is always the right
Q6: The business bought supplies on account. To
Q7: The side that increases the account balance,
Q8: Identify whether a debit or credit would
Q9: Revenues are recorded when earned.
Q10: When recording transactions in two or more
Q11: A debit to a liability account was