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Which of the accounts increases with a credit

Assignment Help Financial Accounting
Reference no: EM132907508

Problem 1: Which of the following statements regarding the accounting equation is incorrect?

A) The equation is the basic tool of accounting.

B) The equation consists of three categories: assets, liabilities, and equity.

C) Each category of the accounting equation contains accounts.

D) The equation can be stated as assets plus liabilities equals equity.

Problem 2: Which of the following accounts increases with a credit?

A) Owner, Withdrawals

B) Owner, Capital

C) Accounts Receivable

D) Prepaid Expense

Reference no: EM132907508

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