Podcast
Questions and Answers
What is the purpose of double-entry accounting?
What is the purpose of double-entry accounting?
In double-entry accounting, how are assets affected?
In double-entry accounting, how are assets affected?
Which side of an account represents a decrease for liabilities?
Which side of an account represents a decrease for liabilities?
When calculating account balance, what is done with the amounts on the credit side?
When calculating account balance, what is done with the amounts on the credit side?
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What is the normal balance for an account where increases are recorded on the credit side?
What is the normal balance for an account where increases are recorded on the credit side?
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How do equal debits and credits affect the accounting equation?
How do equal debits and credits affect the accounting equation?
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Which account type represents money owed by the company to its suppliers?
Which account type represents money owed by the company to its suppliers?
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What is the purpose of a trial balance?
What is the purpose of a trial balance?
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In accounting, when Rent Expense increases, which action is needed in terms of debits and credits?
In accounting, when Rent Expense increases, which action is needed in terms of debits and credits?
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What is the main purpose of journalizing?
What is the main purpose of journalizing?
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Which of the following account types would typically have a credit normal balance?
Which of the following account types would typically have a credit normal balance?
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Which account has a normal credit balance?
Which account has a normal credit balance?
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If a company wants to decrease its Accounts Payable, what action is required in terms of debits and credits?
If a company wants to decrease its Accounts Payable, what action is required in terms of debits and credits?
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When Withdrawals increase, should the corresponding entry be a debit or a credit?
When Withdrawals increase, should the corresponding entry be a debit or a credit?
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In the trial balance provided, which account has a debit balance?
In the trial balance provided, which account has a debit balance?
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What does the posting process involve?
What does the posting process involve?
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What type of balance does an increase in Assets typically have in terms of debits and credits?
What type of balance does an increase in Assets typically have in terms of debits and credits?
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Which statement is true about credits in accounting?
Which statement is true about credits in accounting?
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