Accounting 1: T-Accounts Flashcard

Front

Which equation is considered the Accounting Equation? Options: Assets - Liabilities = Owner's Equity, Liabilities = Owner's Equity - Assets, Assets= Liabilities + Owner's Equity, Assets= Liabilities - Owner's Equity

Back

Assets= Liabilities + Owner's Equity

Front

Assets are on the ________ side of the Accounting Equation.

Back

Left

Front

Liabilities and Owner's Equity are on the ______ side of the Accounting Equation.

Back

Right

Front

A list of accounts used by a business are called

Back

Chart of Accounts

Front

When setting up T-Accounts, the "Debit" side is the ______ side.

Back

Left

Front

When setting up T-Accounts, the "Credit" side is the ______ side.

Back

Right

Front

Normal Balance is the side of the account that is_______?

Back

Increased

Front

Asset accounts normal balance is the _____ side.

Back

Debit (Left side of a T-account)

Front

Liability accounts normal balance is the _____ side.

Back

Credit (Right side of a T-account)

Front

Owner's Equity accounts normal balance is the _____ side.

Back

Credit (Right side of a T-account)