Accounting transactions

What does GAAP stand for ?

• General account accuracy principles

• General accepted accounting principles

• General accountants account property

Credit purchases of inventory are recorded in which journal?

• Cash receipts journal

• Cash payments journal

• Credit purchases journal

• Credit sales journal

Accounts payable are known as the

• Customers

• Friends

• Suppliers

• Employees

A __________ amount will appear on the left side of a T-account.

• Credit

• Debit

An Asset is:

• Refers to items that are owned

• Refers to amounts that are owed to others

• Refers to amounts earned

Complete the following statement .Assets=....

• Owners equity +liabilities

• Bank + Owners equity

• Liabilities +Bank

 What two accounts are involved when you receive cash from owner as an investment?

• cash and capital
• cash and investment
• cash and owner's equity
• cash and supplies

 When you receive cash from sales, you debit cash and credit sales

• False
• True

 Paying cash for insurance increases and decreases an asset.

• False 
• True

 When you pay cash for supplies, you debit supplies.

• False
• True