Easiest
Easier
Easy
Hard
Hardest
100
My balance is always the same as this side of the account.
What is increase side
100
Liabilities always begin with this number in the chart of accounts.
What is 2
100
Capital and withdrawl accounts always begin with this number
What is 3
100
Revenue accounts always begin with this number in the chart of accounts.
What is 4
100
Expense accounts always begin with this number
What is 5
200
Debit always means this side
What is the left side
200
Asset accounts are always decreased on this side
What is credit side
200
Revenue accounts are always increased on this side.
What is credit side
200
The balance side of an accounts is always this.
What is the increase side?
200
If assets = $5000 and Liabilities = $2000, then the balance of captial is ?
What is $3000
300
Credit always means this side
What is the right side?
300
Withdrawl accounts are always increased on this side
What is debit side
300
Expense accounts are always increased on this side
What is debit side
300
Using this organization tool to record transactions helps you to easily determine the debit and credit
What is a T account?
300
Revenue, expense and withdrawal accounts are used to collect information for only one accounting period. They are called
What is Temporary accounts
400
What is it called when the owner takes money for personal use.
What is withdrawl
400
Cash, Accounts receivable, equipment are all considered this kind of account
What is asset?
400
Rental fees, services performed, sales are all considered what kind of account?
What is revenue?
400
These accounts are all considered part of owner's equity.
What is captial, withdrawls, revenue and expense
400
IF... A/P = $2,000 Capital = $10,000 Withdrawals = $1,000 Revenue = $5,000 Expenses = $1,000 What is the balance of assets?
What $15,000
500
Assets always begin with this number in the chart of accounts.
What is 1
500
A person or business who has a claim to the assets of the business.
What is creditor?
500
Withdrawals is debited when...
What is owner takes money for personal use.
500
Assests, liabilities, and capital are used used from one year to the next, therefore they are called
What is Permanent accounts
500
Expense are $15,000 and withdrawals are $2,000. What does Revenue have to be to increase Owner's Equity by $20,000?
What is $37,000
M
e
n
u