Accounting chapters 3-5 practice

Front

Resources owned by a company (such as cash, accounts receivable, vehicles) are reported on the balance sheet and are referred to as __________.

Back

Assets

Front

Obligations (amounts owed) are reported on the balance sheet and are referred to as __________.

Back

Liabilities

Front

Liabilities often have the word __________ in their account title.

Back

Payable

Front

Accounting entries involve a minimum of how many accounts?

Back

Two

Front

The listing of all of the accounts available for use in a company's accounting system is known as the __________.

Back

Chart of Accounts

Front

Which term is associated with "left" or "left-side"? Options: Debit, Credit, Plus, Minus

Back

Debit

Front

Which term is associated with "right" or "right-side"? Options: Debit, Credit, Plus, Minus

Back

Credit

Front

When cash is received, the account Cash will be

Back

Debited

Front

When a company pays a bill, the account Cash will be

Back

Credited

Front

What will usually cause an asset account to increase? Options: Debit, Credit

Back

Debit