

Accounting and T Accounts Flashcard
Flashcard
•
Other
•
11th Grade
•
Practice Problem
•
Hard
Wayground Content
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12 questions
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1.
FLASHCARD QUESTION
Front
What are the two sides of a T account called?
Back
Debit and Credit
2.
FLASHCARD QUESTION
Front
Which side of a T account typically shows decreases for liability accounts?
Back
Debit side
3.
FLASHCARD QUESTION
Front
What is the main function of the credit side in a T account?
Back
To show increases in liabilities
4.
FLASHCARD QUESTION
Front
Which of the following is recorded on the left side of a T account? Credit, Debit, Balance, Total
Back
Debit
5.
FLASHCARD QUESTION
Front
Which side of a T account is used to record increases in liabilities?
Back
Credit side
6.
FLASHCARD QUESTION
Front
What is the relationship between assets, liabilities, and owner's equity in the accounting equation?
Back
Assets = Liabilities + Owner's Equity
7.
FLASHCARD QUESTION
Front
Where are liabilities and the owner’s capital account located in the accounting equation?
Back
Right side
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