An Accountant Has Debited an Asset Account for $1,000 and Credited

question 31

Multiple Choice

An accountant has debited an asset account for $1,000 and credited a liability account for $500. Which of the following would be an incorrect way to complete the recording of the transaction?

• A) Credit an asset account for $500.
• B) Credit another liability account for $500.
• C) Credit an equity account for $500.
• D) Debit an equity account for $500.

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Definitions:

Fake Memory

A memory that feels real to the person remembering it but is either entirely fabricated or significantly distorted from what actually happened.

Imagine

The ability to form new images and sensations in the mind that are not perceived through senses such as sight, hearing, or other senses.

Key Details

Essential or important information or facts that support the understanding or analysis of a main idea or topic.

Confabulation

The production of fabricated, distorted, or misinterpreted memories about oneself or the world, without the intention to deceive.