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Activity No. 1. TRUE or FALSE. Write True if the statement is correct and False if it is not. Write
your answers on a separate answer sheet.
1. The left side of the T-account is called the debit.
2. Assets are increased by credit.
3. Assets is equal to the sum of liabilities and owner's equity.
4. Increases in liability accounts are credited.
5. Decreases in asset accounts are credited.
6. An increase in rent expense is a debit by the rules of debit and credit.
7. Income is increased by credit.
8. Expenses are increased by debit
9. Decreases in liability accounts are debited.
10.
Assets, and expense accounts have debit account balances.
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