CSULB: Acct 201 2018 (exam one)updated already passed

CSULB: Acct 201 2018 (exam one)Ending retained earnings for a period is equal to beginning. - correct answer Retained Earnings + Net income - Dividends The left side of an account is used to record which of the following? A. Debit or credit, depending on the type of account B. Increases C. Credits D. Debits - correct answer The Debit Side An income statement shows - correct answer revenues, expenses, net income which of the financial statements is concerned with the co. at a point in time. A. Retained earnings statement B. Income statement C. Statement of cash flow D. Balance sheets - correct answer D. Balance sheets Which accounts normally have debit balances? - correct answer Assets, Expenses, Dividends A debit to an asset account indicates a(n) a. increase in the asset. b. credit was made to a liability account. c. decrease in the asset. d. error. - correct answer a. an increase to an asset account.