Indicate whether each of the following statements is true or false.
_____ a) A debit may increase a liability.
_____ b) Closing a revenue account includes a credit to Retained Earnings.
_____ c) Equity accounts are decreased with a debit.
_____ d) Asset accounts are decreased with a credit.
_____ e) Debits to the cash account are reported as cash outflows on the statement of cash flows.

Question

Quizplus · Accepted Answer

The Answer of Indicate whether each of the following statements is true or false.
_____ a) A debit may increase a liability.
_____ b) Closing a revenue account includes a credit to Retained Earnings.
_____ c) Equity accounts are decreased with a debit.
_____ d) Asset accounts are decreased with a credit.
_____ e) Debits to the cash account are reported as cash outflows on the statement of cash flows.

Indicate Whether Each of the Following Statements Is True or False