• 2022-06-06
    For example, the purchase of advertising services on account, the recording of the expense will be accompanied by an increase in .
  • liabilities
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      The purchase of office supplies on account will: ( ). A: Increase an asset and decrease a liability B: Increase one asset and decrease another asset C: Increase an asset and increase a liability D: Decrease an asset and decrease a liability

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      The increase of expense should be debited to expense accounts.

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      Which one of the following statements is correct? A: An increase in an asset is a debit and an increase in an expense is a credit B: An increase in capital is a debit and an increase in a liability is a credit C: An increase in an expense is a debit and a reduction in an asset is a credit D: A reduction in a liability is a debit and an increase in an expense is a credit

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      expense account money

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      Which of the following is an example of following the principle of faithful representation? A: Showing finance lease payments as a rent expense B: Being prudent by recording the entire amount of a convertible loan as a liability C: Recording the future payments under an operating lease as a long-term liability D: Recording a sale and repurchase transaction with a bank as a loan rather than a sale