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Accounting unit 3 mn

unit 3 study help

QuestionAnswer
Any value that a business owns is property.
Financial claim is a legal right.
Property owned by a business is referred to as assets.
A creditor's financial claim is a liability.
A business transaction is an economic event.
Accounts Receivable refers to the amount yet to be received.
An example that represents revenue: The Sale of Goods
An example of a permanent account Owner's Equity Account
An example of a temorary account: Rent Account
Cash in the bank belongs to the following type of account: Asset
Is property equal to financial claims. True
True/False: Buying or selling using an account is a credit transaction? True
True/False: Withdrawals increase the Owner's Equity. False
A list of all accounts maintained by a business chart of accounts
In the double entry system, a transaction debit must be equal to Credit
A revenue account is what kind of an account Temporary
We prepare these for analyzing transactions T - Account
Cash in the bank is what kind of account Permanent
A utility expenses account is what kind of account Temporary
An expenses account normally has what kind of balance Debit
an account that ends with a zero balance temporary account
Accounts payable is classified as what? a Liability
withdrawals affect which account? owner's capital account
a debt business owes or creditors financial claim liability
owner's capital has what kind of normal balance Credit
income earned revenue
money owed to business or revenue recognition accounts receivable
Debit is on what side of the T - account left side
a spreadsheet is made up of rows and columns
Created by: skueny