ACCOUNTING TLE 10

Debit side is on ____, while Credit side is on ____

• Top & Down

• Left & Right

• Right & Left

• Down & Top

It is residual interest in the assets of the enterprise after deducting all its liabilities.

• Liabilities

• Income

• Assets

• Equity

It is a resource controlled by the enterprise as a result of past events and from which future economic benefits are expected to flow to the enterprise.

• Asset

• Equity

• Liabilities

• Revenue

This are obligations of the entity outside parties who have furnished resources.

• Equity

• Asset

• Withdraw

• Liabilities

It represents other items that meet the definition of income and may or may not arise in the course of the ordinary activities of an enterprise

• Gains

• Loses

• Income

• Expenses

It arises in the course of ordinary activities of an enterprise and is referred to by a variety of different names including sales, fees, interest, dividends, royalties and rent.

• Expenses

• Revenue

• Loses

• Gains

This are decreases in economic benefits during the accounting period in the form of outflows or depletions of assets or incurrences of liabilities that result in decreases in equity.

• Loses

• Gains

• Income

• Expenses

It is increases in economic benefits during the accounting period in the form of inflows or enhancement of assets or increases in equity.

• Income

• Gains

• Expenses

• Loses

It represent other items that meet the definition of expense and may or may not arise in the course of ordinary activities of an enterprise.

• Income

• Gains

• Expenses

• Loses

The basic summary device of accounting is the

• T-Account

• Account

• Owners Equity

• Accounting Equation