Accounting

Resources owned by a company (such as cash, accounts receivable, vehicles) are reported on the balance sheet and are referred to as __________.

• Assets
• Liabilities
• Owner Equity
• Equity

Obligations (amounts owed) are reported on the balance sheet and are referred to as __________.

• Assets
• Liabilities
• Debt
• Owner Equity

Liabilities often have the word __________ in their account title.

• Assets
• Payable
• Paid
• Equity

Accounting entries involve a minimum of how many accounts?

• One
• Two
• Three
• Four

The listing of all of the accounts available for use in a company's accounting system is known as the __________.

• Chart of Accounts
• Journal
• Ledger
• Credit Ledger

Which term is associated with "left" or "left-side"?

• Debit
• Credit
• Plus
• Minus

When cash is received, the account Cash will be

• Debited
• Credited

When a company pays a bill, the account Cash will be

• Debited
• Credited

What will usually cause an asset account to increase?

• Debit
• Credit

What will usually cause the liability account Accounts Payable to increase?

• Debit
• Credit