Good internal control dictates that a person who controls an asset also maintains that asset's accounting records. ()
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Liquidity refers to a company's ability to pay its near-term obligations. ()
Generally accepted accounting principles require that the inventory of a company be reported at ()
A. Market value.
B. Historical cost.
C. Replacement cost.
D. Lower of cost or market.
A debit: ()
Always increases an account.
B. Is the left-hand side of a T-account.
C. Always decreases an account.
D. Is the right-hand side of a T-account.
Which of the following statements is incorrect? ()
A. The normal balance of an expense account is a credit.
B. The normal balance of owner's withdrawals is a debit.
C. The normal balance of unearned revenues is a credit.
D. The normal balance of accounts receivable is a debit.
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