Show:
You Think I'm a Bean Counter or What?
I Am 95% Right
Most of the Time
East or West?
Left or Right?
One Is the
Loneliest Number
I Am an Accounting Ace!
100
Accountants term for left and right
What is debit and credit?
100
A system of record keeping in which each business transaction affects at least two accounts.
What is Double-Entry Accounting?
100
A credit to an account always increases it; a debit to an account always decreases it.
What is false?
100
Asset numbers in the chart of accounts start with what number?
What is start with 1?
100
What 2 accounts are affected, and how, if a business owner purchases tents and sleeping bags for their business with cash?
Camping Equipment-Debit, Cash in Bank-Credit
200
Always on the side used to record increases to the account
What is the Normal Balance?
200
Shows the dollar increase or decrease in an account that is caused by a transaction.
What is a T-Account?
200
A chart of accounts is limited to 50 accounts.
What is false?
200
Liability accounts in the chart of accounts start with what number?
What is start with 2?
200
What accounts are affected, and how, if a business owner brought a filing cabinet from home and transferred it to the business?
Office Equipment -Debit; Capital Account-Credit
300
Amounts entered on the left side of a T-Account are called...
What is a Debit?
300
A specific side to a T-account that is ALWAYS used to record INCREASES to the account
What is Normal Balance?
300
A business groups its accounts in a ledger and it is also called general ledger.
What is true?
300
Owner's Equity accounts in the chart of accounts start with what number?
What is start with 3?
300
What accounts are affected, and how, if the owner of a company purchased camping equipment on credit from a supplier?
Camping Equipment Debit, Accounts Payable Credit
400
Amounts entered on the right side of a T-Account are called
What is a Credit?
400
Assets normally have a ___________ balance
What is Debit (left side)?
400
The second debit/credit rule for a liability/OE account.
What is Decrease on the Debit side?
400
Revenue Accounts start with what number?
What is start with 4?
400
What accounts are affected, and how, if a business owner sold on account, an unused typewriter from the business?
Accounts Receivable-Debit, Office Equipment-Credit
500
An official listing of all accounts a business develops.
What is a Chart of Accounts?
500
Liabilities and Owner's Equity normally have a __________ balance
What is Credit?
500
Assets normally have a __________ balance while liabilities and OE normally have a __________ balance.
What is Debit, Credit?
500
Expense accounts start with what numbers.
What is starts with 5?
500
What is the T-account for this transaction? Business Owner Stuart invested an additional $5,000 in his business.
Cash in Bank-Debit, Stuart Capital-Credit