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The purchase of a typewriter on an account would be recorded as a debit on accounts payable and credit to office equipment True or False?
false
Accumulate depreciation accounts are liability accounts?
FALSE, It's a contra-asset
When a process cost accounting system records the purchase of materials the Materials account is credited true or false?
False. In a process cost accounting system, when materials are purchased, the Materials account is debited to reflect the increase in inventory. The corresponding credit would typically go to Accounts Payable or Cash, depending on how the purchase was made.
Crediting an account by the bank means a decrease to that account false or true?
False. Crediting an account by the bank means an increase to that account. When the bank credits an account, it adds funds, such as deposits or interest earned, resulting in a higher balance. Conversely, debiting an account would indicate a decrease.
Is Accumulated Depreciation closed to the Income Summary account?
false
True or false that purchase return and allowances is contra account and its normal balance would be credit?
true
The purchase of a typewriter on an account would be recorded as a debit on accounts payable and credit to office equipment True or False?
false
If the buyer bears the freight costs related to a purchase the terms are said to be FOB destination. is it true or false?
It is false. FOB destination means that the shipper bears the responsibility for shipping, including costs and liability.
Accumulate depreciation accounts are liability accounts?
FALSE, It's a contra-asset
When a process cost accounting system records the purchase of materials the Materials account is credited true or false?
False. In a process cost accounting system, when materials are purchased, the Materials account is debited to reflect the increase in inventory. The corresponding credit would typically go to Accounts Payable or Cash, depending on how the purchase was made.
The Accumulated Depreciation's account balance is the sum of depreciation expense recorded in past periods true or false?
Yes. Accumulated depreciation is a contra asset account, which means it has an opposite balance from a normal asset account. It is used to reduce the balance whatever asset you are deprecating. When you total your assets on the balance sheet, you deduct the cost of Accumulated depreciation from your assets to get the true worth of your assets.
Purchase discounts is the same as trade discounts true or false?
false
How can you prove someone's stalking your Facebook through false accounts?
You can prove someone is stalking you through a false account if you have messages from the profile. You can report the false account to the Facebook support team.
Crediting an account by the bank means a decrease to that account false or true?
False. Crediting an account by the bank means an increase to that account. When the bank credits an account, it adds funds, such as deposits or interest earned, resulting in a higher balance. Conversely, debiting an account would indicate a decrease.
The Government Purchase Cardholder is encouraged to also be an accommodation / convenience check holder?
False
You can switch to any account in your current organization?
False
A savings account does not draw any interest?
false
