Indicate Whether Each of the Following Statements Concerning the Debit-Credit

question 2

Short Answer

Indicate whether each of the following statements concerning the debit-credit feature of the accounting model is true or false.
_____ a)Upon payment of an account payable,the liability account should be credited.
_____ b)Payment of a cash expense requires a debit to cash and a credit to the expense.
_____ c)On a T-account debits are entered on the left and credits are entered on the right.
_____ d)A credit entry decreases an asset account.
_____ e)Increases in revenues are recorded as debits.

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Definitions:

Determine

To decisively ascertain or conclude information from evidence or reasoning.

Performance Objectives

Specific, measurable goals set to evaluate the effectiveness and outcomes of activities within an organization.

Systematic Way

An organized, methodical approach to solving problems or completing tasks.

Participatory Planning

A process that involves all stakeholders, including employees, in the planning process to ensure their ideas and needs are considered.