ACC 557 TUTOR Learn by Doing/acc557tutor.com ACC 557 TUTOR Learn by Doing/acc557tutor.com | Page 19

Credits decrease assets and decrease liabilities.
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.