Which of the following statements are true with regards to asset accounts? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) Assets are on the left-side of the accounting equation. unanswered Assets are on the right-side of the accounting equation. unanswered Assets are increased with debits. unanswered Assets are increased with credits. unanswered Assets are decreased with debits. unanswered Assets are decreased with credits. unanswered

Question

Business

Ty Dunn

2 May, 01:30

Which of the following statements are true with regards to asset accounts? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) Assets are on the left-side of the accounting equation. unanswered Assets are on the right-side of the accounting equation. unanswered Assets are increased with debits. unanswered Assets are increased with credits. unanswered Assets are decreased with debits. unanswered Assets are decreased with credits. unanswered

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Sebastian Mcpherson · Answer 1

True Statements are as follows:

Assets are on the left-side of the accounting equation.

As the accounting equation is as follows:

Assets = Liabilities + Stockholder's Equity.

Assets are increased with debits.

All the assets have debit balance and therefore, it increases with debit balance and decreases with credit balance.

Assets are decreased with credits.

As assets have debit balance, it increases with a debit and decreases with each credit, as for example with depreciation balance of fixed assets are decreased.