Exam (elaborations)
AC 160Chapter_3. Chapter 3—The Double-Entry Framework
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1. An increase or decrease in any asset, liability, owner's equity, revenue, or expense is always accompanied by an offsetting change within the basic accounting elements. ANS: T DIF: Easy OBJ: LO 3-1 MSC: AACSB Communication 2. A T account has three parts: the title, the debit side, and the cre...
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