Vocabulary Words
More Vocabulary Words
Calculations
Debit/Credit
General Review
100
Debit
What is the left side of the T-account
100
Credit
What is the right side of the T-account
100
If you buy computer equipment for $5,000. What other account is affected and how much?
What is Cash in Bank is credited for $5,000.
100
True or False. Assets must always equal Liabilities.
What is False.
200
Define journalizing.
What is the process of recording business transactions in a journal.
200
Define N.S.F.
What is insufficient funds.
200
Assets = 5,000 , Liabilities = 5,000, Capital = ?
What is 0.
200
You pay $5,000 for office equipment on account. What other account is affect and by how much?
What is accounts payable is credited for $5,000.
200
What is the difference between net loss and net income?
What is net income is when revenue is greater than expenses, while net loss is when expenses are greater than revenue.
300
Define net loss.
What is when expenses are greater than revenue.
300
Define liabilities.
What is any debts that a business owes.
300
There is a net loss of 2,000. Revenue = 8,000. Expenses = ?
What is 10,000.
300
You sell office supplies for $8,000. What two accounts are affected and by how much?
What is Office Supplies is debited for $8,000, while Cash in Bank is credited for $8,000.
300
Multiple Choice: Which of these is not considered part of assets? A) Accounts Receivable B) Accounts Payable C) Office Equipment D) Cash in Bank
What is B) Accounts Payable.
400
Define general ledger.
What is the book of accounts.
400
Define double entry accounting.
What is a process of recording equal debits and credits for a single business transaction.
400
Revenue = 3,500. Expenses = 3,000. Is it a net loss or a net income and how much is it?
What is net income of 500.
400
You withdraw $700, pay $400 for office equipment, and sell computer equipment for $200. How much is each account affected?
What is Withdrawals (Debit) = $700, Office Equipment (Debit) = $400. Computer Equipment (Credit) = $200. Cash in Bank (Credit) = $900.
400
True or False: If expenses increase they are debited, and are part of assets.
What is False.
500
Define closing entry.
What is entries made at the end of each reporting period.
500
Define general ledger.
What is a book of original entry in which business transactions are recorded in chronological order.
500
Expenses = 8,000. Revenue = 8,000. What is the net loss?
What is there is no net loss.
500
You buy office supplies for $250 on account, then buy computer equipment for $500 on account, and pay $400 for utilities expense, and sell a computer for $225.
What is Office Supplies (Debit) = $250, Computer Equipment = $275, Accounts Payable (Credit) = $750, Utilities Expense (Debit) = $400, Cash in Bank (Credit) = $175.
500
Which account balance is decreased by a net loss?
What is the account balance of Owner's Equity is decreased by a net loss.
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