Accounting rev

Equipment is a/an ______ account.

• Liability

• Owner's Equity

• Asset

• Income

An agreement between a buyer and a seller to exchange something of value for money is known as.

• Contract

• Transaction

• Handover

• Asset

The following have a debit balance, except

• Assets

• Expenses

• Drawings

• Capital

Increase on the debit side and decrease on credit

• Expenses

• Liability

• Owners Equity

• Assets

Complete the accounting cycle

Assets and Liabilities of business are entered in this section of a trail balance.

• Current account

• Analysis of receipts

• Balance sheet section

• Owner's equity

A column in the Cash receipts journal that is used to record cash received for services rendered.

• Assets

• Analysis of receipts

• Till slip

• Balance sheet section

A cheque counterfoil is a source document.

• True

• False

The source document for the CRJ is a_______.

_______are permanent in nature and are bought to be used over a long time.