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Accounting Test 1

QuestionAnswer
Asset Account increase debit
Asset account decrease credit
Liability account normal balance credit
liability Account increase credit
liability account decrease debit
Owners Capital account normal balance credit
Owners Capital Account increase credit
Owners Capital account decrease debit
Drawings account normal balance debit
Drawings Account increase debit
Drawings account decrease credit
Revenue account normal balance credit
Revenue Account increase credit
Revenue account decrease debit
Expenses account normal balance debit
Expenses Account increase debit
Expenses account decrease credit
What belongs on an income statement? Revenue-expenses =net profit
What belongs on a statement of owner’s equity? Summarizes changes in owners equity over a time
What belongs on a balance sheet? Reports assets, Liabilities and Owners equity
Asset account normal balance debit
Created by: MooshroomsRCool
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