Which of the following statements is false about a drawings ledger account? Question 1 Answer It is decreased by credit-side entries It has a normal balance on the debit (left) side It is increased by debit-side entries It is increased by credit-side entries

Which one of the following statements is true?i. A debit entry in the cash book will increase an overdraft in the accountsii. A debit entry in the cash book will increase a bank balance in the accountsiii. A credit entry in the cash book will increase a bank balance in the accountsiv. A credit entry in the cash book will not influence a bank balance in the accountsGroup of answer choicesA. ivB. iiiC. iD. ii

Consider these 2 statements:1) The balance of subsidiary ledgers should always equal the balance of the general ledger control accounts during the month, and,2) the cash payments journal should always include money received by customers paying off accounts receivable.Which of the above statements is correct?Group of answer choicesThe statement about the balance of subsidiary ledgers and the statement about the cash payments journal are both incorrect.The statement about the balance of subsidiary ledgers is incorrect, and the statement about the cash payments journal is correct.The statement about the balance of subsidiary ledgers is correct, and the statement about the cash payments journal is incorrect.The statement about the balance of subsidiary ledgers and the statement about the cash payments journal are both correct.

Which of the following statements about the trial balance is incorrect?a.It is a list of balances from the ledger accountsb.It provides a useful check on the accuracy of the ledger accountsc.It calculates the profit or loss achieved by the businessd.The total value of debits must equal the total value of credits

(b) Record the effects of the above transactions in the ledger accounts.

Which statement is correct regarding entering transactions into the accounting equation?Multiple choice question.If one asset account is increased, then another asset account must be decreased in order for the left side of the accounting equation to be balanced.If one account is credited, then at least one other account must be credited as well.If total assets are increased, then liabilities only are increased as well.After recording a transaction, the total of the right side of the accounting equation must equal the total of the left side of the accounting equation.