61) The debit side is always the right side of the account.

62) A transaction that involves more than one credit or more than one debit is called a compound entry.

 

63) The side of an account that increases the balance is always the same as the normal balance side.

 

64) Double-entry accounting requires transactions to affect two or more accounts, and the total of the debits and credits must equal.

 

65) The credit side is always the right side of the account.

 

66) A T account is used for demonstration purposes.

 

67) Only one account is affected in every transaction.

 

68) Withdrawals increase on the debit side of the account.

69) After deciding which accounts are affected, the next step in analyzing a transaction is to determine to which categories the accounts belong.

 

70) Equipment is an example of a liability.

 

 

 



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