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Definitions
T-Accounts
(debit ____, credit _____)
Which Accounts?
Is This On The Test?
100

Accounting device used to analyze transactions

T-Account

100

How many T-Accounts do you write in with one business transaction?

2

100

Purchased Insurance with Cash

Prepaid Insurance and Cash

100

Complete the lyric from your favorite Accounting song:

"Debits on the _____, Credits on the _____"

(Extra 100 if someone on your team sings the tune and does the dance)

left, right

(both hands should go out to the left then out to the right)

200

Side of the account that is increased

Normal Balance

200

paid cash for insurance

debit prepaid insurance

credit cash

200

Received Cash from owner as an investment

Cash and Capital

200

The 2 ways to represent the Accounting Equation.

Assets = Liabilities + Owners Equity

Assets - Liabilities = Owners Equity

300

the process of planning, recording, analyzing and interpreting financial information

Accounting

300

bought supplies on account

debit supplies

credit accounts payable

300

Purchased Supplies on Account

Supplies and Accounts Payable

300

GAAP

Generally Accepted Accounting Principals

400

Costs a company incurs to generate revenue or the cost of goods or services used to operate a business

expenses

400

paid cash on account

debit accounts payable

credit cash

400

Paid Cash on Account

Cash and Accounts Payable

400

What is the most common length of time to pay a bill/invoice (that we have discussed in class)

30 days

500

Removing funds from a bank account, savings plan, pension, or trust.

withdrawal

500

sold services on account

debit accounts receivable

credit capital (revenue)

500

Withdraw funds from the business

Cash and Capital

500

What is the name of the song describing Debits and Credits?

The Debit Credit Theory