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Author Question: If the effect of the debit portion of an adjusting entry is to increase the balance of an expense ... (Read 113 times)

ss2343

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on: Jul 5, 2018
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


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fraziera112

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Reply #1 on: Jul 5, 2018
Answer to Question 1

b

Answer to Question 2

d


ss2343

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Reply #2 on: Jul 5, 2018
Correct answers!


fraziera112

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Reply #3 on: Jul 5, 2018
Great! Please up vote :D


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