Accounting Review Part 2*

Front

Identify the "Cash" Account part of the Equation: Assets, Liabilities, Owners Equity, Revenue, Expense

Back

Assets

Front

Identify the "Capital" Account part of the Equation: Assets, Liabilities, Owners Equity, Revenue, Expense

Back

Owners Equity

Front

Identify the "Prepaid Insurance" Account part of the Accounting Equation

Back

Assets

Front

Identify the "Drawing " Account part of the Accounting Equation

Back

Owners Equity

Front

Identify the "Utility Expense" Account part of the Accounting Equation

Back

Expense

Front

The left side of a T account is the

Back

debit side

Front

If an amount is recorded on the side of a T account opposite the normal balance side, the account balance is:

Back

decreased

Front

The normal balance side of a liability account is the: debit side, credit side, decrease side, left side

Back

credit side

Front

When a business pays cash on account, the liability account is:

Back

decreased by a credit

Front

Paid cash for supplies
Debit Account A
Credit Account B

Back

Supplies, Cash