Vocabulary
Debit vs. Credit
Accounting Basics
Accounting Cycle
Miscellaneous
100
What Is Accounting?
What is Accounting is the language of business
100
which direction are debit and credit
What is In accounting, debit simply means left, credit means right.
100
what is debt
What is how much money you owe
100
whats the five steps of the accounting cycle
What is Analyze Transactions, Journalize, Post, Trial Balance, Prepare Financial Statements.
100
Whg?c Isoat Acntinu
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200
define Financial Statements
What is Reports that summarize financial data over a period of time.
200
which is better to pay with, credit or debit/and why?
What is debit is better to pay with, because you wouldn't have to pay it back later.
200
what order must financial statements be in?
What is income statement first balance sheet last.
200
how do you analyze transactions.
What is View source documents that describe business transactions
300
what is Capital
What is The amount an organization or individual is worth.
300
If the normal balance of an account is a debit, then debiting decreases the value of the account. TRUE or FALSE
What is FALSE debit increases the value.
300
what is net profit.
What is net profit is after taxes are taken out.
300
how are entries organized in journalism
What is Entries are organized by date
400
what is Cash flow
What is The movement of cash into and out of a business
400
what is the accounting equation?
What is Left of equal sign is debit Right of equal sign is credit
400
what is gross profit
What is gross profit is before taxes are taken out.
400
true or false? All journal entries are posted in a ledger
What is TRUE
500
Liabilities are...
What is Claims against assets
500
true or false. Balance sheet accounts have normal balances based upon the accounting equation
What is true
500
true or false. Net income from Income Statement goes into Capital account on Balance Sheet
What is true.
500
what should total debits equal?
What is equal total credits.
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