Classify Accounts

Match the following

• Asset

• Cash in Bank

• Liability

• Accounts Payable

• Owner's Equity

• Revenue

Match the following

• Asset

• Accounts Receivable

• Liability

• Rose Lillie, Capital

• Owner's Equity

• Accounts Payable

______ = Liabilities + Owner's Equity

What does "on account" mean in accounting

• A purchase with a promise to pay later

• Paying cash at time of purchase

• A purchase intended to not pay back

• Bartering

What does CPA stand for?

• Certified Public Accountant

• Certified Personal Accountant

• Certified Private Accountant

For rules of debit and credit which account increases on the debit side?

• Liability

• Revenue

• Assets

For t-charts what side does the normal balance go on?

• Side that is decreasing

• Any side

• the side that is increasing

• Don't have time to balance

How do charities (nonprofits) pay their employees?

• They don't get paid

• Donations

• Gross revenue

• Net revenue

Do CPA's need to pass a certification exam in order to practice as a CPA?

• Yes

• No

• Maybe

If you owned 10 shares of Tesla stock and they are valued at $190 per share, how much is your investment worth?

• $190

• $2500

• $1900

• 0