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Which statement is true regarding debits and credits

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Reference no: EM132680932

Problem 1: Basic steps in the recording process include all of the following except:

a. Transfer the journal information immediately to the company annual report

b. Analyze each transaction for the effect on the accounting elements

c. Enter the transaction information in a journal

d. All of the choices are correct regarding the basic steps in the recording process

Problem 2: Which statement is true regarding debits and credits?

a. In the income statement, debits are used to increase account balances, whereas in the statement of financial position, credits are used to increase account balances

b. Before adjustments, debits will not equal credits in the trial balance

c. The rules for debit and credit and the normal balance of capital are the same as for liability

d. In the income statement, revenue is increased by a debit whereas in the statement of financial position, capital account is increased by a credit

Reference no: EM132680932

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