This topic contains a solution. Click here to go to the answer

Author Question: If the effect of the debit portion of an adjusting entry is to increase the balance of an expense ... (Read 109 times)

ss2343

  • Hero Member
  • *****
  • Posts: 548
If the effect of the debit portion of an adjusting entry is to increase the balance of an expense account, which of the following describes the effect of the credit portion of the entry?
 a. decreases the balance of an owner's equity account
  b. increases the balance of a liability account
  c. increases the balance of an asset account
  d. decreases the balance of an expense account

Question 2

In governmental accounting, a fund is best defined as:
 
  a. a sum of cash set aside to attain certain objectives
  b. a fiscal entity that has both financial and capital resources
  c. a fiscal entity that has cash resources only
  d. a fiscal and accounting entity with a self-balancing set of accounts



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

fraziera112

  • Sr. Member
  • ****
  • Posts: 356
Answer to Question 1

b

Answer to Question 2

d





 

Did you know?

If you could remove all of your skin, it would weigh up to 5 pounds.

Did you know?

Cutaneous mucormycosis is a rare fungal infection that has been fatal in at least 29% of cases, and in as many as 83% of cases, depending on the patient's health prior to infection. It has occurred often after natural disasters such as tornados, and early treatment is essential.

Did you know?

Nearly 31 million adults in America have a total cholesterol level that is more than 240 mg per dL.

Did you know?

According to the FDA, adverse drug events harmed or killed approximately 1,200,000 people in the United States in the year 2015.

Did you know?

The National Institutes of Health have supported research into acupuncture. This has shown that acupuncture significantly reduced pain associated with osteoarthritis of the knee, when used as a complement to conventional therapies.

For a complete list of videos, visit our video library