Debit/Credit
Balance Sheet
Income Statement
Accounts
Catagories
100
What debit and credit mean
What is left side and right side.
100
Balance sheets always start with this.
What is the title?
100
If revenue exceeds expenses.
What is Net Income or Income.
100
What catagory of accounts is Cash in Bank in?
What is Assets?
100
This catagory represents property and money owed to you.
What is asset
200
A card that takes out a loan when used (creating a liability)
What is a credit card? (Liabilities are credit accounts.)
200
At the top, or the first catagory of accounts.
What is the Asset placement on the balance sheet.
200
If if expenses exceed income.
What is Net Loss or loss?
200
The catagory for Retained Earnings
What is owner's or stockholder's equity?
200
This catagory represents money or property you owe to others.
What is Liability?
300
A card which deducts cash from your bank account?
What is a debit card. (cash in bank is a debit account)
300
Because Assets, liabilities and owner's equity survive beyond accounting cycles, they are known as this type of account.
What is permanent
300
Because revenue and expenses only apply to an accounting cycle, they are known as this type of account.
What is temporary
300
The catagory for sales.
What is Revenue?
300
Another name for this catagory is net worth.
What is owners equity?
400
Assets, withdrawals, expenses
What are debit accounts.
400
Assets = Laibilities + Owners equity
What is the basic accounting equation?
400
Revenue, expenses, and income or loss.
What are the three parts of the Income statement.
400
The catagory for rent paid during an accounting cycle.
What is expenses?
400
This catagory represents how much money the company brings in during an accounting cycle.
What is Revenue?
500
Liabilities, Owner's capital, and revenues
What are credit accounts?
500
What is added or subtracted from retained earnings at the end of an accounting cycle.
What is net income or net loss?
500
The part of the income statement title that is different from just identifying the type of statement.
What are the dates or accounting cycle referenced.
500
The catagory for payments made on a mortgage over an accounting cycle.
What is expense?
500
The costs of doing business and/or carrying products for resale?
What is Expenses?
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