Show:
Assets
Liabilities
Anything Goes
Owners Equity
Drawling
100
Anything of value that is owned
What is an asset?
100
An amount owned
What is a liability?
100
General accepted accounting principles
What does GAAP stand for?
100
the amount remaining after the value of all liabilities are subtracted from all the value of all assets
What is owners equity?
100
To withdrawal money
What does it mean drawling?
200
Debit side or left side
What side does assets increase on in a T account?
200
Credit or right side
What side increases in a T account when your liability increases?
200
formal report that shows what you owe, owns, and the difference between them
What is net worth statement?
200
A sale
What is a revenue?
200
Cash
What is the most common withdrawal?
300
False
True or false? Supplies, Utility rent, and cash are ALL assets?
300
right or credit
Liabilities are increasing on what side of the t account?
300
the left side of the t account
What is debit?
300
Investment and revenue
There is 4 types of owners equity, revenue, withdrawal, expense, and investment. What two(2) increases on the credit side of a t account?
300
yes
Does withdrawal effect how much money your company is worth?
400
an asset
What is supplies?
400
left or debit
liabilities decrease on what side?
400
the right side of a t account.
What is credit?
400
Expense and withdrawal
What two owners equity increases in the debit side in a t account?
400
no
Is this correct? Jeff Steven, drawal?
500
Cash
What is the biggest asset you will have?
500
Owing companies money?
What is the biggest liability you will have?
500
the side of the account that is increased
What is normal balance?
500
debit or left side
What is the normal balance for withdrawal?