Accounting Chapters 1-4 Review

In Assets where would the normal balance be?

• Credit

• Debit

The procedure for arranging accounts in the general ledger is

• Arranging

• File Management

• File Maintenance

• File arrangement

Assets are

• Things you own

• What your worth

• Things you owe

An incorrect entry should always be corrected with an additional entry called

• Correcting Entry

• New Entry

• Existing Entry

• Correct Entry

What is a record summarizing all the information?

• Memorandum

• Check

• Account

Where must data be recorded and reported in?

• Ledger

• Assets

• Accounting Reports

• Account Number

In owner's capital which would increase Debit, or Credit

• Credit

• Debit

In assets would debit increase or decrease

• Increase

• Decrease

A form on which a brief message is written to describe a transaction is called?

• Memorandom

• Receipt

• Sales Ticket

• Invoice

Things you owe

• Owner's Equity

• Asset

• Liability