Exam (elaborations)
ACFAR IFA TOPIC 3 TRUE OR FALSE ANSWERS
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A simple journal entry consists of two debits and one credit. Correct Answer False A credit entry to an expense account will increase it. Correct Answer False The process of recording a transaction in a journal is called journalizing. Correct Answer True Amounts entered on the left side of an account, regardless of the account titles, are called credits or charges to the account. Correct Answer False The accounting cycle begins with the recording of the transactions and ends with the preparation of the financial statements. Correct Answer False Double posting of a transaction causes the debits and credits not to balance. Correct Answer False
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a simple journal entry consists of two debits and one credit correct answer false a credit entry to an expense account will increase it correct answer false the process of recording a transaction
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