
Accounting Chapter 2 Flashcard Review
Flashcard
•
Business
•
9th Grade
•
Practice Problem
•
Hard
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18 questions
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1.
FLASHCARD QUESTION
Front
The values of all things owned (assets) are on the accounting equation’s:
Back
left side
2.
FLASHCARD QUESTION
Front
The values of all equities or claims against the assets (liabilities and owner’s equity) are on the accounting equation’s:
Back
right side
3.
FLASHCARD QUESTION
Front
An amount recorded on the left side of a T account is a:
Back
debit
4.
FLASHCARD QUESTION
Front
An amount recorded on the right side of a T account is a:
Back
credit
5.
FLASHCARD QUESTION
Front
The normal balance side of any asset account is the:
Back
debit side
6.
FLASHCARD QUESTION
Front
The normal balance side of any liability account is the:
Back
credit side
7.
FLASHCARD QUESTION
Front
The normal balance side of an owner’s capital account is the:
Back
credit side
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