Betty's Acct101/Ch3 Word Scramble
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| Question | Answer |
| Account balance | The deference between the amounts on both sides the account. |
| Accounts | Assets, Liabilities, and Owners Equity |
| Chart of accounts | Is a list of all the accounts used by a business. |
| Classification | Assets,show the property a business owns. Liability accounts show the debts and Owners Equity shows the financial interest in the business. |
| Credit | Right side |
| Debit | Left side |
| Double entry system | You will have at least one entry on the debit/left side and one on the credit/right side. |
| Drawing account | An account set up to record withdrawals of owners equity. |
| Footing | Small pencil figure. |
| Normal balance | The increase side of an account .....+ |
| Permanent account | Balances continued from one accounting period to the next...aka real account |
| Slide | When a decimal point is misplaced |
| T account | Vertical and horizontal line resembling a T |
| Temporary account | Revenue,Expense and Drawing ...aka. Nominal accounts |
| Transposition | When numbers are switched....test, divisible by 9 |
| Trial balance | is a statement that test the accuracy of total debits and credits after transactions have been recorded. |
| Left right rule | Increases to asset accounts are recorded on the left side of a T account, decreases to the right. |
| For liability T accounts | Right side shows increases, left side shows decreases. |
| List the accounts in the same order as they appear on the financial statements. | Assets Liabilities Owners equity Revenue Expenses |
| What is the increase side for CASH, ACCOUNTS PAYABLE, CAPITAL | Cash is the left side or debit side, accounts payable is the right side or credit, Capital is the right side or the credit side. |
| Any type of PRE anything is a___ account? | Asset account |
| Any type of FEE income account is a | Revenue account |
| The word Check indicates what type of account? | Cash |
Created by:
Bjones1283
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