Accounting Terms
Assets taken out of a business for the owner's personal use.
First letter is W
What is Withdrawal?
An account titled Prepaid Rent would be classified as what?
What is Asset Account?
What usually causes an asset to increase?
What is Debit?
To sign the back of a check made out to you so you can cash or deposit it.
What is endorse?
Cash is an asset.
What is True.
Planning, recording, analyzing, and interpreting financial information.
First letter is A
What is Accounting?
A purchase of equipment on account would cause what account to be credited?
What is Accounts Payable?
When a company pays a bill, the account Cash will be..
What is Credited?
A plastic card that enables you to do ATM transactions and to make purchases instead of using cash or writing a check.
What is debit card?
The more liabilities the better off a company will be.
What is False?
Job is related to collect and organize time sheets, enter data related to employees and pay period, and review and process payroll.
First letter is B
What is Bookkeeper?
What is the accounting equation?
What is Assets = Liabilities + Owner's Equity?
When cash is received, the account Cash will be...
What is Debited?
When your employer automatically deposits your paycheck into your account.
What is direct deposit?
When cash is paid for supplies, the supply account is increased by a debit.
What is True?
An accountant that provides financial services to companies that conduct business overseas.
First letter I
What is International Accountant?
This is credited when people pay you for charges they have on account.
What is Accounts Receivable?
Which term is associated with the left side.
What is Debit?
A fee paid to you for keeping your money in an account.
What is interest?
A debit to an Asset account will decrease it.
What is False?
A business that performs an activity for a fee.
First letter S
What is Service Business?
What type of accounts are inventory, equipment, accounts receivable?
What are asset accounts?
What will usually cause the liability account, Accounts Payable to increase?
What is Credit?
An examination of tax returns by the IRS.
What is audit?
When liabilities increase, credit increases.
What is True?