ACCT 11 TH EDITION BY ROBERT LIBBY 100% CORRECT ANSWERS

38.An account consists of a. one part. b. two parts. c. three parts. d. four parts. 39. The left side of an account is a. blank. b. a description of the account. c. the debit side. d. the balance of the account. 40. Which one of the following is not a part of an account? a. Credit side b. Trial balance c. Debit side d. Title 41. An account is a part of the financial information system and is described by all except which one of the following? a. An account has a debit and credit side. b. An account is a source document. c. An account may be part of a manual or a computerized accounting system. d. An account has a title. 42. The right side of an account a. is the correct side. b. reflects all transactions for the accounting period. c. shows all the balances of the accounts in the system. d. is the credit side. 43. An account consists of a. a title, a debit balance, and a credit balance. b. a title, a left side, and a debit balance. c. a title, a debit side, and a credit side. d. a title, a right side, and a debit balance. 44. A T-account is a. a way of depicting the basic form of an account. b. what the computer uses to organize bytes of information. c. a special account used instead of a trial balance. d. used for accounts that have both a debit and credit balance. 45. Credits a. decrease both assets and liabilities. b. decrease assets and increase liabilities. c. increase both assets and liabilities. d. increase assets and decrease liabilities. 46. A debit to an asset account indicates a. an error. b. a credit was made to a liability account. c. a decrease in the asset. d. an increase in the asset.47. The normal balance of any account is the a. left side. b. right side. c. side which increases that account. d. side which decreases that account. 48. The double-entry system requires that each transaction must be recorded a. in at least two different accounts. b. in two sets of books. c. in a journal and in a ledger. d. first as a revenue and then as an expense. 49. A credit is not the normal balance for which account listed below? a. Capital account b. Revenue account c. Liability account