Accounting Principles and Concepts

Front

A __________ amount will appear on the left side of a T-account.

Back

Debit

Front

Complete the following statement: Assets = ....

Back

Owners equity + liabilities

Front

How would an accountant record an increase in sales? Options: debit, credit

Back

credit

Front

Amount owed by a business

Back

liability

Front

Anything of value that is owned

Back

asset

Front

A business owned by one person

Back

proprietorship

Front

The account used to summarize the owner's equity in a business

Back

capital

Front

The amount in an account

Back

account balance

Front

Anything of value that is owned by the company (such as cash, accounts receivables, vehicles, etc.) are reported on the balance sheet and are referred to as _______________.

Back

assets

Front

Double entry in accounting means there must be________ entries for every transaction?

Back

two