Accounting 101 Chapter 3
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Account balance | The deference between the amounts on both sides the account.
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| Accounts | Assets, Liabilities, and Owners Equity
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| Chart of accounts | Is a list of all the accounts used by a business.
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| Classification | Assets,show the property a business owns. Liability accounts show the debts and Owners Equity shows the financial interest in the business.
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| Credit | Right side
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| Debit | Left side
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| Double entry system | You will have at least one entry on the debit/left side and one on the credit/right side.
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| Drawing account | An account set up to record withdrawals of owners equity.
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| Footing | Small pencil figure.
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| Normal balance | The increase side of an account .....+
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| Permanent account | Balances continued from one accounting period to the next...aka real account
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| Slide | When a decimal point is misplaced
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| T account | Vertical and horizontal line resembling a T
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| Temporary account | Revenue,Expense and Drawing ...aka. Nominal accounts
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| Transposition | When numbers are switched....test, divisible by 9
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| Trial balance | is a statement that test the accuracy of total debits and credits after transactions have been recorded.
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| Left right rule | Increases to asset accounts are recorded on the left side of a T account, decreases to the right.
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| For liability T accounts | Right side shows increases, left side shows decreases.
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| List the accounts in the same order as they appear on the financial statements. | Assets
Liabilities
Owners equity
Revenue
Expenses
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| 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.
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| Any type of PRE anything is a___ account? | Asset account
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| Any type of FEE income account is a | Revenue account
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| The word Check indicates what type of account? | Cash
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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