A T-Account Is a Device or Convention for Organizing and Accumulating

question 103

Multiple Choice

A T-account is a device or convention for organizing and accumulating the accounting entries of transactions that affect an individual account. Which of the following is/are true?

• A)Increases in assets appear on the left side, and decreases in assets appear on the right side of T-accounts.
• B)Increases in liabilities appear on the right side, and decreases in liabilities appear on the left side of T-accounts.
• C)Increases in shareholders' equity appear on the right side, and decreases in shareholders' equity appear on the left side of T-accounts.
• D)All of the above are true.
• E)None of the above are true.

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Definitions:

New Market

A new market refers to the introduction or discovery of new sectors, customer groups, or geographic areas where a business or product has not previously engaged or sold.