Which term is associated with "left" or "left-side"? Options: Debit, Plus, Minus, Credit

Accounting 1 Strands & Standards Exam

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Business
•
9th - 12th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
Debit
2.
FLASHCARD QUESTION
Front
Revenues minus expenses equals:
Back
Net Income
3.
FLASHCARD QUESTION
Front
What will usually cause the liability account Accounts Payable to increase?
Back
Credit
4.
FLASHCARD QUESTION
Front
What accounting principle is illustrated by Mrs. Do having separate financial reports for her businesses, Do Laundry Shop and Do Convenience Store?
Back
Business Entity
5.
FLASHCARD QUESTION
Front
Financial statements are prepared with the expectation that a business will remain in operation indefinitely.
Back
Going Concern
6.
FLASHCARD QUESTION
Front
What principle is illustrated by the recording of revenue on June 25 for a service rendered, even though the payment was collected later on July 4?
Back
Revenue Recognition
7.
FLASHCARD QUESTION
Front
What are the accounting rules used to prepare, present and report financial statements called?
Back
Generally Accepted Accounting Principles
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