Accounting I - Chapter 1 Review

Front

What classification is "cash"? Options: Asset, Liability, Owner's Equity

Back

Asset

Front

What classification is "Accounts Payable"? Options: Asset, Liability, Owner's Equity

Back

Liability

Front

What classification is "supplies"? Options: Asset, Liability, Owner's Equity

Back

Asset

Front

What classification is "Michael Delgado, Capital"? Options: Asset, Liability, Owner's Equity

Back

Owner's Equity

Front

What classification is "prepaid insurance"? Options: Asset, Liability, Owner's Equity

Back

Asset

Front

What two accounts are changing when cash is paid for supplies?

Back

Cash decreases, Supplies increases

Front

What two accounts are changing when supplies are bought on account?

Back

Supplies increase, Accounts Payable increase.

Front

What two accounts are changing? Paid Cash on account. Options: Cash - Accounts Payable +, Cash + Accounts Payable -, Cash + Accounts Payable +, Cash - Accounts Payable -

Back

Cash - Accounts Payable -

Front

A person or business to whom a liability is owed is called

Back

Creditor

Front

Revenue

Back

An increase in equity due to the sale of goods