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Exam (elaborations)
AC 160Chapter_3. Chapter 3—The Double-Entry Framework
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---31September 20212021/2022A
- 1. An increase or decrease in any asset, liability, owner's equity, revenue, or expense is 
always accompanied by an offsetting change within the basic accounting elements. 
ANS: T DIF: Easy OBJ: LO 3-1 MSC: AACSB Communication 
2. A T account has three parts: the title, the debit side, and the credit side. 
ANS: T DIF: Easy OBJ: LO 3-1 MSC: AACSB Communication 
3. To debit an account is to enter an amount on the left side of the account. 
ANS: T DIF: Easy OBJ: LO 3-3 MSC: AACSB Communication 
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