Terms
More Terms
Even More Terms
Yes, and More Terms
Muchas Termas
100
Cash
What is most important Asset account?
100
liability
What is the amount owed by a business?
100
Owner's Equity
What is the amount owned...what is left after liabilities are subtracted from assets?
100
transaction
What is a business activity that changes assets, liabilities or owner's equity. Any monetary value change that must be recorded?
100
Account Title
What is the name given each account?
200
asset
What is anything of value that is owned?
200
PrePaid Insurance
What is something you buy to ensure that if you have an accident it will be paid for?
200
Accounts Receivable
What is it when people buy product from you with a promise to pay later?
200
Accounts Payable
What is it when you purchase something from another company and promise to pay for it later?
200
Drawing
What is the account you debit when the owner takes money home for personal use?
300
equities
What are financial rights to the assets of a business?
300
Utilities Expense
What is the account you use when you pay the Telephone, Electricty and Gas?
300
Sales
What is the account you credit when you sell anything?
300
Accounting Equation
What is the basis for accounting that keeps all debits and credits balanced?
300
Rent Expense
What is the account that is debited when you pay the rent?
400
Account Balance
What is the amount in an account?
400
Miscellaneous Expense
What is the account you debit when you buy donuts?
400
Advertising Expense
What is the account you debit when you buy some advertising?
400
Repair Expense
What is the account you debit when you get your delivery truck repaired?
400
Revenue
What is the term for sales or money coming in to your business?
500
T Account
What is an accounting device used to analyze transactions?
500
Debit
What is the left side of the T Account?
500
Credit
What is the right side of a T Account?
500
Debit
What is the side that would increase Cash?
500
Credit Side
What is the side of the T Account that will decrease cash?
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