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Accounting Equation, T-Account, Business and Accounting Terms

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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Question
Answer
Asset   show
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Equities   show
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show An amount owed by a business  
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show The amount remaining after the value of all liabilities is subtracted from the value of all assets  
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Accounting Equation   show
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Transaction   show
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Account   show
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Account Title   show
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Account Balance   show
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show The account used to summarize the owner's equity in a business  
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show An increase in owner's equity resulting from the operation of a business  
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show A sale for which cash will be received at a later date  
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show A decrease in owner's equity resulting from the operation of a business  
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Withdrawals   show
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T Account   show
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Debit   show
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Credit   show
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show The side of the account that is increased  
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show A list of accounts used by a business  
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show A business that performs an activity for a fee  
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Proprietorship   show
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Accounting   show
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show The process for providing financial information that will be useful to management  
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Accounting Records   show
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show Reports that summarize the financial condition and operations of a business  
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Created by: mercerp53
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