

Accounting I Fall TEKS Review
Flashcard
•
Other
•
10th - 12th Grade
•
Practice Problem
•
Hard
Wayground Content
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30 questions
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1.
FLASHCARD QUESTION
Front
The first step in the posting procedure is writing the
Back
entry date in the Date column of the account.
2.
FLASHCARD QUESTION
Front
Assets taken out of a business for the personal use of the owner are called
Back
withdrawals
3.
FLASHCARD QUESTION
Front
The entry to establish a $200.00 petty cash fund is
Back
debit Petty Cash, $200.00; credit Cash, $200.00.
4.
FLASHCARD QUESTION
Front
If an amount is recorded on the side of a T account that is opposite the normal balance side, the account balance is
Back
decreased
5.
FLASHCARD QUESTION
Front
On a work sheet, the balance of the owner’s drawing account is extended to the
Back
Balance Sheet Debit column
6.
FLASHCARD QUESTION
Front
Information needed to prepare an income statement’s Revenue section is obtained from a work sheet’s Account Title column and
Back
Income Statement Credit column
7.
FLASHCARD QUESTION
Front
When cash is paid for insurance
Back
Prepaid Insurance is increased
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