1 + Bonus
the book of original entry is called ?
general journal
Is Accounts Receivable an asset or liability ?
asset
Is Accounts Payable an assets or liability ?
Liability
What is the accounting equation ?
Assets + liabilities = owners' equity
Whenever cash is received is it debit or credit ?
debit
what is owners equity ?
Owners' claims to resources
What is accounts receivable ?
AR is the money owed to your business
Accounts payable is increased by what ? and decreased by what ?
increased by credit, decreased by debit
Accounts receivable is increased by what ? and decreased by what ?
increased by debit, decreased by credit
Received Rs. 10,000 from Khan Brothers
CASH IS DEBIT, ACCOUNTS RECEIVABLE IS CREDIT
what is revenue ?
Sales of products or services
Which of the following would not be included on a balance sheet? accounts receivable, accounts payable, sales or cash ?
sales
which term is associated with the "right side"? debit or credit ?
credit
which term is associated with the "left side"?
debit
When is accounting day?
November 10th
what are expenses ?
cost of selling products or services
What is an accountant ?
a person whose job is to keep or inspect financial accounts.
The recording and classification of transactions is called...?
Bookkeeping
A collection of all accounts for an information system is called...?
A Ledger
Who is the father of accounting?
Luca Pacioli
Paid CASH FOR RENT. 7,000
CASH IS CREDIT, RENT IS DEBIT
When was this assignment given?
Feb. 12th
HOW MANY STUDENTS IN THIS CLASS?
31
what is a T account ?
an informal term for a set of financial records that use double-entry bookkeeping.
Owner withdrew of worth Rs. 2,000 for personal use
DRAWING IS DEBIT, CASH IS CREDIT