T Account Review

Which goes on the left side of a T account?

• Debits
• Credits
• Normal Balance
• Increase

The Normal Balance always

• is a debit
• is a credit
• increases
• decreases

Which goes on the rightt side of a T account?

• Debits
• Credits
• Normal Balance
• Increase

What is true of the account balance on the side opposite the Normal Balance?

• is a debit
• is a credit
• increases
• decreases

Each transaction affects how many T Accounts?

• 1
• 2
• 3
• 4

Which is the first step in analyzing a transaction?

• Identify Accounts
• Identify Increase/Decrease
• Identify Account Type
• Identify Amount

Which is the second step in analyzing a transaction?

• Identify Accounts
• Identify Increase/Decrease
• Identify Account Type
• Identify Amount

Which is the third step in analyzing a transaction?

• Identify Accounts
• Identify Increase/Decrease
• Identify Account Type
• Identify Amount

Which is the fourth step in analyzing a transaction?

• Identify Accounts
• Identify Increase/Decrease
• Identify Account Type
• Identify Amount

Cash is classified as an

• liability

• asset

• expense

• owners equity