BM121 2nd Test Prep

_______________ graphic representation of a general ledger account, and is used to analyze transactions.

• T accounts

• Debit

• Credit

• Journal

____________________ accounts most likely to be affected by the company's transactions are identified and listed out. Within the chart of accounts the balance sheet accounts are listed first, followed by the income statement accounts.

• Accounts

• Classification of Accounts

• Chart of Accounts

_________= Liabilities + Owner's Equity

• Assets

• Accounts

• Owner's Equity

• Expenses

Normal balance of Cash

• Debit

• Credit

Supplies go up on the...

• Debit Side

• Credit Side

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

• two

• Three

• six

• one

An amount recorded on the left side of a T account is a credit.

• True
• False

What type of account is -

Accounts Payable

• Asset

• Liability

• Income

• Expense

• Owners Equity

What type of account is -

Accounts Receivable

• Asset

• Liability

• Income

• Expense

• Owners Equity

A list of account titles and numbers showing the location of each account in a ledger is known as a(n)

• Account summary

• Chart of accounts

• T Account form

• Balance-ruled account form