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Accounting Semester Exam with complete solutions
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---4June 20232022/2023A+
- Accounting Semester Exam with complete solutions 
 
businesses use accounts to summarize all the information pertaining to a single item - ANSWER-true 
 
a drawing account is increased by debits and decreased by credits - ANSWER-true 
 
increases in revenue accounts are recorded as debits because they increase the owner's capital account - ANSWER-false 
 
each liability has a normal debit balance - ANSWER-false 
 
increases in expense accounts are recorded as credits because they increase the ...
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