Show:
Debit or Credit
True or False
Financial Cycle
Know your accounts
Complex Accounting
100
What is the normal account for Retained Earnings?
What is Credit
100
The accounts that are affected when receiving rent from a railroad are: cash & rent revenue.

What is false
100
The manager's diary is used to record ____________________.
What is financial transactions, total cash on hand, movement of piece.
100
The cost of earning revenue
What is expenses
100
At the end of the year you must transfer all expenses and revenue to the ____________ account.
What is retained earnings.
200
Debit means the __________ side and credit means the _____________side.
What is left and right
200
Income tax payable is a permanent account
What is false. 
200
The ____________ is a working document that is completed after the manager's diary and displays the accounts that are affected for each transaction.
General Journal
200
Amounts earned by a company for providing a good or service.
What is revenue
200
What accounts are affected when you are selling your property at a higher value to another player

What is: Land, Cash, and Gains

300
List all the permanent accounts.
What is assets, liabilities, owners equity, income / revenue, and expense.
300
When using a "get out of jail" card the accounts that are affected are: Miscellaneous expense and Miscellaneous revenue.
What is true
300
The __________ is used for double entry book keeping. 
What is t-account
300
Any amount owed by a company or outstanding debts.
What is liability
300
When un-mortgaging property you must pay the original amount borrowed from the bank plus __________.
What is interest
400
The permanent accounts Revenue and owners equity are usually entered in the ___________ side.
What is credit
400

The formula for income tax expense is as follows:

Total Revenue - Total Expense = Answer x 20%

What is false.

Total Revenue - Total Expense = Answer x 10%

400

 A _____________ is a list of all the general ledger accounts contained in the ledger of a business. It is used to prepare the income statement and balance sheet at the end of the period.

What is trial balance
400
Includes cash or the amounts to e received and other items used to operate a business.
What is assets
400
When un-mortaging a property the following accounts are affected:
What is Mortgage Payable (Debit), Interest Payable (Debit), Interest Expense(Debit) and Cash (Credit)
500
What permanent accounts are normally credits.  List at least 3 accounts.
What is expense and assets.
500

At the end of the year you must close the following permanent accounts only:

1. Revenue

2. Expenses

What is true

500
What are the steps in the accounting cycle, list the first three
What is creating a manager's diary, general journal, and t-account.
500
The owner's right to the assets in the company.  It also reflects the value or worth of the company
What is Owner's equity
500
When trading a property of high value with one that is low in value what accounts are affected
What is Land(debit), Loss (debit) and Land (credit)