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Basic Accounting
The Accounting Cycle/ Accounting Period
Account Numbers
100
What is the name of the account on the LEFT side of the T-Account.
Debit
100
What is the First step in the accounting cycle?
Collect and Verfy Source Documents
100
What is the account number for Assets
Starts with a 1
200
What is the name of the account on the RIGHT side of the T-account.
Credit
200
What is the second step?
Analyze The Business Transaction
200
What is the account number for Liabilities
Starts with a 2
300
What is the name of the side that ALWAYS increases.
Normal balance
300
What is Step 3
Record the information
300
What is the account number for OE.
Starts with a 3
400
What is the LEFT side of the Liability T-Account
Negative
400
How long is the Calendar Year?
Jan 1 - Dec 31
400
What is the account number for Revenue?
Starts with a 4
500
What is the normal balance located on the Owner's Equity T-Account.
Credit
500
How long is a Fiscal year?
12 month period
500
What is the account number for Expenses?
Starts with a 5