ACG2001 - Financial Accounting 1 - IRSC
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| Assets = | Liabilities + Owner's Equity
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| With Assets debit... | Increases (assets)
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| With Assets credit... | Decreases (assets)
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| With Liabilities debit... | Decreases (liabilities)
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| With Liabilities credit... | Increases (liabilities)
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| With Owner's Equity debit... | Decreases (owner's equity)
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| With Owner's Equity credit... | Increases (owner's equity)
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| With Draws (like a withdraw) debit... | Increases (draws)
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| With Draws (like a withdraw) credit... | Decreases (draws)
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| With Revenue Accounts debit... | Decreases (revenue accounts)
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| With Revenue Accounts credit... | Increases (revenue accounts)
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| With Expenses debit... | Increases (expenses)
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| With Expenses credit... | Decreases (expenses)
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| How are expenses increased? | By debit
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| Posting | the process of transferring the debit and credit information from the journal to individual accounts in the general ledger
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| How are assets increased? | By debit
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| How are liabilities increased? | By credit
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| How is owner's equity increased? | By credit
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| What is an owner's investment? | When the owner takes cash from a personal account and puts it towards their business account.
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| What is unearned revenue? | Liability recorded when cash is received before providing a service.
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| What does "on account" mean? | A line of credit that has been extended and the money will be paid later.
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| What is an expense? | Money spent (usually to generate revenue)
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| What are "supplies on hand"? | Assets that are actually tangible used to produce goods and services.
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| What is an accounts receivable? | When one person does a job for someone and the customer says they will pay them at another time (the expected pay time)
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| What is an accounts payable? | It is a liability for goods or services purchased on credit by a business owner who now owes their supplier.
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| Sales (def.) | Selling things, ex food, goods
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| Service Charges (def.) | Doing things, ex cutting grass, cleaning windows
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| Business Transaction | An economic event that changes the entities financial condition. ex. selling a million donuts and make incredible revenue
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| What is a liability? | Anything that is owed ex. a credit card
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| What is an asset? | Resources owned by a business ex. Amazon's carrier trucks
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| What is a transposition? | When the digits of a number are recorded in incorrect order ex. $576,000 recorded as $756,000
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| What is a slide? | When the decimal point in a number is recorded in the wrong place ex. $5.76 recorded as $57.6
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| What does a Double-Entry Accounting System entail? | 1.) Every business transaction must be recorded in at least two accounts and 2.) Total debits must equal total credits
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