A liability account is increased by a debit. O True False

What is the impact on the accounting equation when an accounts receivable is collected?A. both sides increaseB. both sides decreaseC. only the Asset side changesD. the total of neither side changes

Assets is Outflows or other using up of assets or incurrence of liabilities true False

If a transaction has the effect of decreasing an asset, is the decrease recorded as a debit or as a credit? If the transaction has the effect of decreasing a liability, is the decrease recorded as a debit or as a credit?

The realizable amount of notes receivable is considered. a. Income b. all of the above c. Noncurrent asset d. Current asset

A T-account (ledger account) does not have the word asset, liability or equity. How can you tell what kind of account it is?

An expense account normally has a credit balance. True or False

Bad debt is a deduction from the gross income when an account is written off Group of answer choices True False

None

Liabilities that are not secured by specific assets are called: Multiple Choice O O O General credit obligations. Accrued liabilities. Indentures. Debt contracts.