Accounting I - Chapter 1 Review

Front

What classification is "cash"? Options: Asset, Liability, Owner's Equity

Back

Asset

Front

What classification is "Accounts Payable"? Options: Asset, Liability, Owner's Equity

Back

Liability

Front

What classification is "supplies"?

Back

Asset

Front

What classification is "Michael Delgado, Capital"? Options: Asset, Liability, Owner's Equity

Back

Owner's Equity

Front

What classification is "prepaid insurance"? Options: Asset, Liability, Owner's Equity

Back

Asset

Front

What two accounts are changing? Paid cash for supplies

Back

Cash - Supplies +

Front

What two accounts are changing? Bought supplies on account.

Back

Supplies + Accounts Payable +

Front

What two accounts are changing? Paid Cash on account.

Back

Cash - Accounts Payable -

Front

A person or business to whom a liability is owed is called

Back

Creditor

Front

What is Revenue?

Back

An increase in equity due to the sale of goods