Misc.
A business in which two or more persons combine their assets is called a(n)
Partnership
Property or items of value owned by a business
Assets
Indicate the classification for the account :
Cash
Asset
Money that you will receive from someone later
Accounts Receivable
Which school did Ms. Leonard attend
Howard University
These two things belong on an Income Statement:
a.Assets and Liabilities
b.Debit and Credit
c.Revenue and Expenses
d.Revenue and Liabilities
C. Revenue and Expenses
Department stores, car dealers, supermarkets, drug stores and hobby shops are all examples of what type of business operation ?
Merchandising Business
Indicate the classification for this account:
Capital
Owner's Equity
What two accounts are affected:
■Crista took 50,000 from her savings and opened a business account
Cash in Bank and Capital
Debit is on what side of the T-Account
Left Side
A statement that lists the assets, liabilities, and owner’s equity
Balance Sheet
A business owned by one person
Sole Proprietorship
Money that is owed is _______
a) Accounts Payable
b)Accounts Receivable
c)Asset
d)Equity
Accounts Payable
■The accounts affected when an owner took 2 telephones from her home and transferred to her business :
a.Cash and Equipment
b.Equity and Cash
c.Office Equipment and Capital
d.Assets and Liabilities
Office Equipment and Capital
What is the debit and credit for this transaction:
Zip issued a check for $4,000 to purchase a computer system
Debit - Computer Equipment
Credit - Cash in Bank
A person who plan, summarize, analyze, and interpret accounting information are called
Accountant
Accounting Equation
Which is not an Asset ?
a. Cash in Bank
b. Accounts Receivable
c. Accounts Payable
d. Building
Accounts Payable
■What two accounts are affected :
Ashley bought a truck on account from Leslie Auto for 12,000
Delivery Equipment and Accounts Payable
■What two accounts are affected:
Zip wrote a check for $700 to pay for advertising expense.
Cash in Bank and Capital
What does CPA stand for?
1. Certified Public Accountant
2. Certified Private Accountant
3. Current Public Accountant
4. Current Public Agency
Certified Public Accountant
When a business buys an item on credit
ON ACCOUNT
■Assets = 25,500
■Liabilities = ?
■Equity = 13,600
Liabilities = 11, 900
A – E = L
25,500- 13,600 = 11,900
What two accounts affect this transaction:
Zip sold one phone on account to Green Company
Accounts Receivable and Office Equipment
These two items go on the income statement
Revenue and Expenses