True/False
Indicate whether the sentence or statement is true
or false.
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1.
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Liability accounts are increased by debits.
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2.
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Expense accounts are increased by credits.
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3.
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Revenue accounts are increased by credits.
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4.
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The
normal balance of a capital stock account is a debit.
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5.
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The
normal balance of the dividends account is a debit.
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6.
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The
normal balance of an expense account is a credit.
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7.
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The
normal balance of revenue accounts is credit.
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Multiple Choice
Identify the
letter of the choice that best completes the statement or answers the question.
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8.
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Which
of the following groups of accounts have a normal debit balance? a. | Revenues,
Liabilities, Stockholders' Equity | b. | Stockholders' Equity, Assets | c. | Liability,
Expenses | d. | Assets, Expenses | | |
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