Accounting 1 Review

How would an accountant record an increase in sales?

• debit
• credit

Assets taken out of a business for the owner's personal use

• capital
• withdrawals
• equities
• revenue

Amount owed by a business

• liability
• asset
• capital
• account

Anything of value that is owned

• account
• asset
• withdrawal
• expense

A business owned by one person

• service business
• revenue
• expense
• proprietorship

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

• account
• expense
• capital
• revenue

The amount in an account

• account title
• revenue
• account balance
• accounting records

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 _______________.

• assets
• liabilities
• profit
• income

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

• two

• Three

• six

• one

A general Leger/T) has a ______ and _______ side.

• cash receipt and debtors

• debit and payments

• debit and credit

• creditors and debtors