Financial And Managerial Accounting 15th Edition By jan Williams -Test Bank

Financial And Managerial Accounting 15th Edition By jan Williams -Test Bank To Purchase this Complete Test Bank with Answers Click the link Below bank/ If face any problem or Further information contact us At Sample Test Chapter 03 The Accounting Cycle: Capturing Economic Events True / False Questions 1. The credit side of an account is the right side, while the debit side is the left side. True False 2. In a computerized accounting system, posting may be done automatically but journalizing must be done by someone with an understanding of recording transactions. True False 3. The running balance form or the T account form is typically used in the trial balance to display the accounts and their amounts. True False 4. Dividends are an expense of a corporation and reduce both total assets and liabilities. True False 5. Dividends increase owners’ equity and therefore should be added to retained earnings. True False 6. Every business transaction is recorded by a debit to a balance sheet account and a credit to an income statement account. True False 7. Earning revenue increases owners’ equity and expenses reduce owners’ equity, therefore, revenues are recorded with debit entries and expenses are recorded with credit entries. True False 8. A trial balance cannot be distributed to stockholders in lieu of a balance sheet. True False 9. Accounts are usually arranged in the ledger in financial statement order, that is, assets first, followed by liabilities, owners’ equity, expenses, and revenues. True False 10. A credit to a ledger account refers to the entry of an amount on the right side of an account. True False 11. The left-hand side of an account is used for recording debits and the right-hand side for recording credits. True False 12. If the number of debit entries in an account is greater than the number of credit entries, the account will have a debit balance. True False 13. Liability accounts should only be debited and never credited. True False 14. Increases in owners’ equity are recorded by credits; increases in assets and in liabilities are recorded by debits. True False 15. When making a general journal entry, there can only be one debit and one credit. True False 16. A business that is profitable and liquid will have m