Assets, Liabilities, OE, Rev, or Exp
Cash
Asset
The abbreviation for credit
CR
What is the first question you should ask when you see a transaction?
Which accounts are affected?
What shows a list of ALL accounts and their account numbers?
Chart of Accounts
I run and own a business by myself. What kind of business is this?
Sole-Proprietorship
Accounts Payable
Liability
The abbreviation of debit
DR
What is the minimum number of accounts that a business transaction affects?
Two
When preparing the trial balance, where are the account balances found?
General Ledger
What does GAAP stand for?
Generally Accepted Accounting Principles
Capital
Owner's Equity
I want to increase my accounts receivable account. Debit or Credit?
Debit
When a $100 liability is paid with cash, assets decrease by $100. What change, if any, is made to the liability account?
Decrease by the same amount
What is the procedure called when transferring amounts from a journal to a ledger?
Posting
How is net income calculated?
Revenue - Expenses
Sales
Revenue
I want to increase my sales account. Debit or Credit?
Credit
What accounts are being affected if the owner of the company withdrawals money from the company?
Cash and Drawing
I am the first thing listed on the Chart of Accounts and I am numbered 100.
Assets
What is the term for bringing a bank statement and a checkbook into agreement?
Reconciling a bank statement
What is the balance of owner's equity if assets equal $32,750 and liabilities equal $14,650?
$18,100
I want to increase my rent expense account. Debit or Credit?
Debit
You sell services on account to Doctor Glenn for $400.00, which two accounts are filled and by how much?
Accounts Receivable - Doctor Glenn 400/Sales 400
Sometimes this account can get a little lonely because it is the only account listed under its account classification. Which account am I?
Sales
What type of check endorsement includes "FOR DEPOSIT ONLY"
Restrictive Endorsement