Accounting

A decrease being a debit happens in which accounts

• Assets

• Liabilities & Owners Equity

A company receives 500$ from a customer paying their debt, what account would you debit?

• Cash

• Accounts receivable

• Owners Equity

Is this image True or False?

• True

• False

what is an analysis sheet used for?

• An equation analysis sheet shows individual transactions and the new financial position post each transaction.

• A statement of all debits and credits in a double-entry account book, with any disagreement indicating an error.

• A place to organize your thoughts about your transaction.

• Gathers assets and liabilities.

Give a mathematical explanation why a ledger should always be balanced

• Debit and Credit should always be different.

• Debit and Credit should always be balanced differently

• Debit and credit should always be equal.

• Debit and credit should never be equal to each other.

Do column totals always agree?

• True

• False

What gets written in a headline? (In Order).

• Owners Name, Company Name & Date.

• Date, Name of Sheet & Company Name.

• Date, Owners name & Name of Sheet

• Company Name, Name of Sheet & Date.

What is the Principle use of T-accounts?

• T-accounts are mainly used as balance sheets.

• T-accounts are commonly used to prepare adjusting entries.

• T-accounts aren't relevant to Accounting.

• T-accounts are commonly used to break into a house.

What accounts are affected?

The company pays $250 cash to J. Richard in partial payment of the amount owed to them

• Owners Equity, Cash

• Cash, A/P J. Richard

• Owners Equity, A/P J. Richard

• A/R J. Richard, Cash

What is a 'Ledger'?

• A ledger is a group of T Accounts.

• A ledger is a mathematical equation.

• A ledger is an exceptional account balance.

• A ledger is a group or file of accounts.