The Accounting Cycle
Rules For Asset Accounts
Chart of Accounts
Accounting Terms
Accounting Equation
100
What is the 1st step in The Accounting Cycle?
Collect and verify source documents.
100
True or False. An asset account is decreased on the debit side?
False
100
Cash in Bank, Computer Equipment, Office Equipment, Accounts Receivable, These accounts are classified as...
Assets
100
___________ is the creditor's claims to the assets of the business
Liabilities
100
Owner's Equity=300 Liabilities=2000 Assets=?
500
200
How many steps are there in the Accounting Cycle?
9
200
The normal balance for an asset account is the _______
Increase or the debit side
200
Carlos Jones took $25,00 from personal savings and deposited that amount to open a business checking account. What 2 accounts are effected in the transaction?
Cash in Bank and Carlos Jones, Capital
200
__________ __________ is a legal right to an item
Financial Claim
200
Owner's Equity= 4,000 Liabilities=? Assets= 17,000
13,000
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