Assets
In the accounting equation, Liability + Owner's Equity equal this.
What is an asset?
An amount owed by a business.
What is liability?
The amount someone owns.
What is Asset?
An accounting device used to analyze transactions,
What is a T account?
When cash is paid for an expense? The cash account _______.
What is decreases?
An example of this type of asset is an electric company that bill it's clients after the clients received the electricity.
What is an Accounts Receivable?
Money owed by a company to its creditors.
What is accounts payable?
The amount someones owes.
What is a Liability?
The amount recorded on the right side of a T account.
What is a credit?
All accounting transactions are recorded in the accounting sheet. True or False
False
The name given to an account is called an ______.
What is an account title?
Receiving cash is considered a liability. True or False
What is False?
The amount remaining after the value of all liabilities is subtracted from the value of all assets.
What is Owner's Equity?
The amount recorded on the left side of a T account.
What is debit?
I purchased $1000 worth of land in cash. Which two asset accounts are affected?
What is cash and land? (Be specific: Not Assets)
This is a type of asset that you cannot touch. Example, copyright, or Patent
What is an intangible asset?
Paying for our supplies on Account is considered a Liability.
What is True?
I paid $250 cash for Supplies, which account in the Accounting Equation would be affected?
What is an asset?
What is dealer?
The side of the account that is increased is called the.
What is normal balance?
Cash received on account is a debit to ______.
What is cash?
Interest payable is a type of liability account. True or False
What is True?
The accounting equation is stated as.
What is Assets=Liabilities + Owner's Equity
Increases in the owners capital accounts are shown as_______.
What are credits?
The greatest HBCU on the planet.