Vocabulary
Charts of Account
T Accounts
Debits and Credits
Concepts
100
What is an asset?
What is anything of value that is owned.
100
What is the account number for Utilities Expense when the last account is Repairs Expense (530)?
What is account 540.
100
What is the right side of a T account?
What is the credit side.
100
What is the account that is debited when sales is sold?
What is the cash account.
100
What is the accounting equation?
What is Assets= Liabilities+ Owner’s Equity.
200
What is transferring information from a journal entry to a ledger account?
What is posting.
200
What is the beginning numbers of any asset account?
What is 100.
200
What is the place that shows decreases in any liability account?
What is the debit side.
200
What is the accounted that is debited when supplies are bought on account?
What is Supplies.
200
What is the recording business transaction in dollars is an application of the accounting concept?
What is Unit of Measurement.
300
What is an Owners Equity?
What is the amount remaining after the value of all liabilities is subtracted from the value of all assets.
300
What is the beginning numbers for the Owner’s Equity division?
What is 300.
300
What is the opposite of the normal balance side when it is recorded?
What is a decrease.
300
What is debited.What is done to the expense account when cash is paid for an expense?
What is debited.
300
What is preparing source documents for each transaction is an application of the accounting concept?
What is Objective Evidence.
400
What is an account?
What is a record summarizing all the information pertaining to a single item in the accounting equation.
400
What is a chart of Accounts?
What is a list of accounts used by business.
400
What is the side that is the normal balance of the Capital?
What is the credit side.
400
When there is something bought on account by the business, what is done to the accounts payable account?
What is debited.
400
What is the first step in the posting procedure?
What is writing the entry date in the date column of the account.
500
What is a balance sheet?
What is a financial statement that reports assets, liabilities, and owners equity on a specific date.
500
What is the largest number of digits that an account number can have?
What is ranging from 3-5 digits.
500
What is the place that shows when there is an increase in the Revenue account?
What is Credit side.
500
What is when a business pays for insurance, Prepaid Insurance is?
What is increased by a debit.
500
What is a lost check with a blank endorsement on it?
What is can be cashed by only the person who endorsed the check.
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