BASIC ACCOUNTING

Accounting is referred to as the "language of ___________________."

• profit
• life
• accounting
• business

The left side of a T-Account is called

• Debit
• Credit
• Left Side
• Right Side

The name given to an account

• account title
• capital
• expense
• revenue

Amount owed by a business

• liability
• asset
• capital
• account

What is assets? 

• Cash in the business
• Anything that a creditor has financial claim to 
• What remains after liabilities are paid 
• any item or property owned by the business

It is the art of analyzing financial transactions and economic events, recording them, classifying them into accounts, summarizing them, reporting, and interpreting the results.

• Bookkeeping

• Journalizing

• Accounting

• Auditing

How would an accountant record an increase in cash?

• Debit
• Credit

How would an accountant record an increase in sales?

• debit
• credit

A list of accounts used by a business.

• accounting equation
• chart of accounts
• temporary accounts
• permanent accounts

An accounting device used to analyze transactions.

• T account
• temporary account
• personal account
• permanent account