CBAD 201 EXAM 1 QUESTIONS ANSWERED CORRECTLY LATEST UPDATE 2026
Common stock __________ stockholders' equity - Answers Increases
Retained Earnings ________ stockholders' equity - Answers Increases
Dividends _____________ stockholders' equity - Answers decreases
Revenues ______________ stockholders' equity - Answers increases
Expenses ______________ stockholders' equity - Answers decreases
Assets ______ with debit and _________ with credit - Answers increase, decrease
Liabilities ________ with debit and _________ with credit - Answers decrease, increase
Expenses _________ with debit and _______ with credit - Answers increase, decrease
Revenues ________ with debit and _________ with credit - Answers decrease, increase
Dividends _________ with credit and __________ with debit - Answers decrease, increase
Common stock ________ with credit and _________ with debit - Answers increase, decrease
Retained earnings __________ with debit and ________ with credit - Answers decrease, increase
Cash is a(n) - Answers Asset
Accounts receivable is a(n) - Answers Asset
Supplies are a(n) - Answers Asset
Notes payable is a(n) - Answers Liability
Accounts payable is a(n) - Answers Liability
Service revenue is a(n) - Answers Stockholders' equity
Salary expense is a(n) - Answers Stockholders' equity
Dividends is a(n) - Answers Stockholders'
Common stock is a(n) - Answers Stockholders' equity
Retained earnings is a(n) - Answers Stockholders' equity
On a journal, debit goes on the ______ and credit goes on the ____ - Answers left, right
When preparing a journal, you always start the listing with the - Answers debit
What is the accounting equation? - Answers Assets = Liabilities + Stockholders' Equity
Asset - Answers something owned, has value and used in the business
Liability - Answers something you owe to someone outside the business
Stockholders' Equity - Answers insider (owner's) claim on assets
Net income is equal to - Answers revenue - expenses
Revenues ______ retained earnings - Answers increase
Dividends _______ retained earnings - Answers decrease
Expenses _______ retained earnings - Answers decrease
Common stock __________ stockholders' equity - Answers Increases
Retained Earnings ________ stockholders' equity - Answers Increases
Dividends _____________ stockholders' equity - Answers decreases
Revenues ______________ stockholders' equity - Answers increases
Expenses ______________ stockholders' equity - Answers decreases
Assets ______ with debit and _________ with credit - Answers increase, decrease
Liabilities ________ with debit and _________ with credit - Answers decrease, increase
Expenses _________ with debit and _______ with credit - Answers increase, decrease
Revenues ________ with debit and _________ with credit - Answers decrease, increase
Dividends _________ with credit and __________ with debit - Answers decrease, increase
Common stock ________ with credit and _________ with debit - Answers increase, decrease
Retained earnings __________ with debit and ________ with credit - Answers decrease, increase
Cash is a(n) - Answers Asset
Accounts receivable is a(n) - Answers Asset
Supplies are a(n) - Answers Asset
Notes payable is a(n) - Answers Liability
Accounts payable is a(n) - Answers Liability
Service revenue is a(n) - Answers Stockholders' equity
Salary expense is a(n) - Answers Stockholders' equity
Dividends is a(n) - Answers Stockholders'
Common stock is a(n) - Answers Stockholders' equity
Retained earnings is a(n) - Answers Stockholders' equity
On a journal, debit goes on the ______ and credit goes on the ____ - Answers left, right
When preparing a journal, you always start the listing with the - Answers debit
What is the accounting equation? - Answers Assets = Liabilities + Stockholders' Equity
Asset - Answers something owned, has value and used in the business
Liability - Answers something you owe to someone outside the business
Stockholders' Equity - Answers insider (owner's) claim on assets
Net income is equal to - Answers revenue - expenses
Revenues ______ retained earnings - Answers increase
Dividends _______ retained earnings - Answers decrease
Expenses _______ retained earnings - Answers decrease
