ACCOUTING ASSIGNMENT 2 EXAM WITH QUESTIONS AND ANSWERS (100% SOLVED)

ACCOUTING ASSIGNMENT 2 EXAM WITH QUESTIONS AND ANSWERS (100%
SOLVED)

the detailed record of the changes in a particular asset, liability, or owners equity is called? -
✔✔✔–an account



Which of the following accounts is a liability?

A.

Prepaid Rent Expense

B.

Unearned Revenue

C.

Accounts Receivable

D.

Service Revenue - ✔✔✔–B) Unearned Revenue



The left side of an account is used to record which of the following? - ✔✔✔–Debits



Which of the following statements is correct?

A.

Accounts Payable is increased with a credit.

B.

Rent Expense is increased with a credit.

C.

Prepaid Expenses are decreased with a debit.

D.

Unearned Revenue is increased with a debit. - ✔✔✔–A) Accounts payable is increased with a
credit