Analyzing Transactions in Accounting

The normal balance of an account is always on the...

• Left side

• Right side

• side that is increasing

• side that is decreasing

If the asset account balance is $250,000 and the liabilities account balance is $50,000. What is the owner's equity balance? (ALOE)

• $25,000

• $200,000

• $50,000

• $300,000

A chart of accounts is a list of all accounts in a business.

• True

• False

Is this Cash in Bank balance correct?

• Yes

• No

Accountants use what kind of system to analyze and record transactions?

• Google sheets

• Journal

• Double entry accounting

• Artificial Intelligence

Assets = (a)   + Owner's Equity

Accounts Payables are Liabilities?

• True

• False

Accounts Receivable are considered an Asset?

• True

• False

In accounting "on account" means..

• on credit

• paid cash

• paid with a check

• five finger discount

For a T-Chart Debit is on the left and credit is on the right.

• True

• False