Accounting Basics
What are the two main groups of accounting information users?
Answer: Internal users and external users.
Which side increases a Liability account?
Answer: Credit.
Is a marketing manager an internal or external user?
Answer: Internal user.
Which of these accounts increases with a debit?
A. Trade Payable
B. Service Revenue
C. Rent Expense
D. Owner’s Capital
Answer: C. Rent Expense.
Cash belongs to which category?
Assets
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لو زهقانه كلميني البسي اي حاجة و -------
انزليلي
Which two elements decrease Owner’s Equity?
Answer: Expenses and Drawings.
In what order are transactions recorded in the journal?
Answer: Chronological order.
Accounts Payable belongs to which category?
Answer: Liability.
What accounting statement is prepared after recording and posting transactions to check account balances?