Which Accounts Are Increased by Debits

question 91

Multiple Choice

Which accounts are increased by debits?

• A)Assets and owners' equity
• B)Expenses and owners' equity
• C)Assets, expenses and dividends
• D)Assets, expenses and owners' equity

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Definitions:

Partnership Liquidation

The process of closing down a partnership by selling off assets, paying liabilities, and distributing the remaining assets to the partners.

Incorrect Step

A step in a process or procedure that has been performed wrongly, often leading to errors or undesired outcomes.

Capital Account

An account recording the capital contributions of owners and investors, along with retained earnings and long-term debt.

Noncash Assets

Assets that are not in the form of cash or cash equivalents, such as property, plant, and equipment.