Question: In accounting, debit simply means ______ and credit means ________

Answer: left

right

Question: footings

Answer: total the dollar amounts on the debit and credit sides.

Question: The difference between the footings is called the ___________ of the account. This amount is then written on the side with the larger footing.

Answer: balance

Question: To debit an account is to enter an amount on the left side of the account.

True

False

Answer: true

Question: Liability accounts normally have debit balances.

True

False

.

Answer: false.

Liability accounts normally have credit balances

Question: Increases in owner’s equity are entered as credits.

True

False

Answer: true

Question: Revenue accounts normally have debit balances.

True

False

Answer: false

(credit balances)

Question: To credit an account is to enter an amount on the right side of the account.

True

False

Answer: true

Question: A debit to an asset account will decrease it.

True

False

Answer: False

(increase)

Question: A common example of an asset is

Professional Fees.

Rent Expense.

Accounts Receivable.

Accounts Payable.

Answer: Accounts Receivable.