Accounting Q1 Review

Assets =

• Revenue + Expenses

• Liabilities + Owner's Equity

• Liabilities - Owner's Equity

• Liabilities + Expenses

Debits must always equal credits?

• True

• False

Assets increase on the _____________ side.

• Equity

• Liability

• Debit

• Credit

__________ are debts of the business?

• Assets

• Liabilities

• Owner's Equity

• Equipment

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

• Debit

• Credit

What type of account is capital?

• Asset

• Liability

• Owner's Equity

How would an accountant record an increase in sales?

• Debit

• Credit

How would an accountant record a decrease in an expense?

• Debit

• Credit

How would an accountant record an increase in cash?

• Debit

• Credit

How would an accountant record an increase in salary expense?

• Debit

• Credit