Accounting T Accounts

Front

What are the types of T accounts? Options: debit accounts, credit accounts, income accounts, expense accounts; cash accounts, accounts receivable, accounts payable, sales accounts; fixed asset accounts, current asset accounts, long-term liability accounts, short-term liability accounts; asset accounts, liability accounts, equity accounts, revenue accounts, and expense accounts

Back

asset accounts, liability accounts, equity accounts, revenue accounts, and expense accounts

Front

Which side of a T account represents debits?

Back

left

Front

Which side of a T account represents credits?

Back

right

Front

What is the purpose of T accounts in accounting?

Back

To visually represent increases and decreases in specific accounts

Front

What is the normal balance for an asset account?

Back

debit

Front

What is the normal balance for a liability account?

Back

credit

Front

What is the normal balance for an equity account?

Back

credit

Front

What is the normal balance for a revenue account?

Back

credit

Front

What is the normal balance for an expense account?

Back

debit

Front

How are debits and credits recorded in T accounts?

Back

Debits on the left, credits on the right.