SMALL BUSINESS ACCOUNTING
EXAM WITH COMPLETE SOLUTIONS
What xincreases xand xdecreases xin xan xassets xaccount? x- xcorrect xanswers x-Debit
xincrease xand xcredit xdecrease
What xare xsome xthings xthat xwould xbe xclassified xunder xowner's xequity? x- xcorrect
xanswers x-Partners' xcapital xaccounts, xstock, xretained xearnings
In xincome xaccouts, xare xdebits xor xcredits xincreased? x- xcorrect xanswers x-credits
xare xincreased xand xdebits xare xdecreased
What xare xsome xtypical xexpense xaccounts? x- xcorrect xanswers x-saleries xand
xwages, xinterest, xrent
What xis xanother xname xfor xbalance xsheet xaccounts? x- xcorrect xanswers x-assets
xand xliabilities
EXAM WITH COMPLETE SOLUTIONS
What xincreases xand xdecreases xin xan xassets xaccount? x- xcorrect xanswers x-Debit
xincrease xand xcredit xdecrease
What xare xsome xthings xthat xwould xbe xclassified xunder xowner's xequity? x- xcorrect
xanswers x-Partners' xcapital xaccounts, xstock, xretained xearnings
In xincome xaccouts, xare xdebits xor xcredits xincreased? x- xcorrect xanswers x-credits
xare xincreased xand xdebits xare xdecreased
What xare xsome xtypical xexpense xaccounts? x- xcorrect xanswers x-saleries xand
xwages, xinterest, xrent
What xis xanother xname xfor xbalance xsheet xaccounts? x- xcorrect xanswers x-assets
xand xliabilities