4.1
4.2
4.3
4.4
General
100
What is a ledger?
A group or file of accounts
100
Debits on the...?, Credits on the...?
Debits on the left Credits on the right
100
What three pieces of information does an account contain?
1. Name of the account 2. Dollar value of the account 3. Whether its a Debit or a Credit
100
What should always balance?
Debits and Credits
100
For complete satisfaction...?
Balance all of your transactions
200
What type of account is used mainly to explain accounting theory?
T-account
200
For each type of account, record _______ on its beginning value side
Increases
200
What kind of account has a debit balance?
Asset
200
If the Debits and Credits do not agree it is...?
Out of balance
200
Name a reason you might have an exceptional account balance?
You overpay an account payable
300
An asset decreasing is a...?
Credit
300
What type of account is the capital?
Owner's Equity
300
What kind of account has a credit account?
Liability and Owner's Equity
300
What accounts are listed first on a trail balance?
Assets
300
The "tiny totals" are called...?
Pin totals or Pencil footings
400
The accounting records are commonly referred to as what?
The "books"
400
When learning to analyze a transaction correctly, it is helpful to use a...?
Transaction Analysis Sheet
400
What is an account balance?
It gives the dollar value of an account and shows whether it is a debit or credit value
400
Accounts are listed in what order?
Ledger order
400
What do you do to the final amount?
Circle it
500
Where does the beginning value for Owner's Equity go?
On the right
500
How should you write "Debit" and "Credit" on a transaction analysis sheet?
DR and CR
500
What is the more sophisticated way of saying "Cash"?
Bank
500
What are the three "W"s for the Heading?
Who? What? When?
500
In the double-entry system of accounting, every transaction is recorded in the accounts in ___ steps.
Two
M
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