Debits increase assets and increase liabilities . Credits decrease assets and increase liabilities . Debits decrease liabilities and decrease assets Multiple Choice Question 95
The final step in the recording process is to transfer the journal information to the
trial balance . financial statements . ledger . file cabinets . Multiple Choice Question 88 The usual sequence of steps in the transaction recording process is : analyze→ journal → ledger . journal→ ledger → analyze . ledger→ journal → analyze . journal→ analyze → ledger . Multiple Choice Question 50
Which one of the following represents the expanded basic accounting equation ?
+ Common Stock + Retained Earnings + Dividends – Revenue – Expenses .