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Vocabulary
Random
Rules of Credit
and Debit
Questions
Concepts
100
T Account
What is a tool used by an account to analyze business transactions?
100
an entry on the left side of an account.
What is a debit?
100
it is true, a credit is an amount entered on the right side of the T account.
Is it true or false that a credit is an amount entered on the right side of the T account?
100
subdivision under assets, liabilities, or owners equity that sumerizes the change and shows the balance for a specific form.
What is an account?
100
accounts payable.
What is an liability ?
200
chart of accounts
What is a list of all the accounts a business uses called?
200
Capital.
What is owners equity?
200
you should ask yourself which accouts are affected.
When analyzing business transactions what should you do?
200
false , credit side on account decreases.
True or false ; asset accounts are increased on the credit account?
200
A - L = OE
What is a different way to express the accounting equation?
300
ledger
What is accounts grouped together in?
300
A = L + OE
What is an accounting equation?
300
false the normal balance side of an owners capital account is NOT the debit side.
Is it true or false that the normal balance side of an owners capital account is the debit side?
300
credit entry.
For every debit entry made in one account , a what must be made in another account?
300
I - identify C - classify I - increase/decrease D - debit/credit T - T-Accounts
What is a way to analyze accounts?
400
normal balance
What is on the same side used to increase on account?
400
an entry on the right side of an account.
What is a credit?
400
with every DEBIT there must be and equal CREDIT.
With every what there must be an equal what?
400
the increase side of an account.
What is a normal balance
400
the financial recordkeeping system is which each business transaction affects at least two accounts.
what is double-entry accounting?
500
Credit
What is the right side of the T account?
500
Cash Accounts recievable Office Equipment
What are 3 assets?
500
debit side
Where are accounts increased?
500
double-entry accounting
What is the financial recordkeeping system in which each business transaction affects at least two accounts?
500
How to decrease liability.
What is credit?