Accounting Quiz

An accounting transaction entry on the right side of an account.

• Credit

• Debit

• Double-Entry Accounting System

• Normal Balance

An accounting transaction entry on the left side of an account.

• Credit

• Debit

• Double-Entry Accounting System

• Normal Balance

An accounting system that requires every financial transaction has an equal and opposite effect, recorded in at least two accounts, where one account gets a debit and the other a credit.

• Credit

• Debit

• Double-Entry Accounting System

• Normal Balance

The side of an account that increases.

• Credit

• Debit

• Double-Entry Accounting System

• Normal Balance

A visual representation used to analyze the effect that transactions have on an account.

• T-Account

• Asset

• Creditor

• Liability

A tangible or intangible resource that has economic value, owned by a person or organization.

• T-Account

• Asset

• Creditor

• Liability

The person or organization to whom a debt or obligation is owed.

• T-Account

• Asset

• Creditor

• Liability

A debt or obligation owed to any other person or organization.

• T-Account

• Asset

• Creditor

• Liability

The difference between an individual's assets and liabilities.

• Net Worth

• Capital Account

• Purchase On Account

• Accounts Receivable

The equation showing the relationship between assets, liabilities, and owner's equity of a company, shown as: Assets = Liabilities + Owners' Equity

• Accounting Equation

• Capital Account

• Purchase On Account

• Accounts Receivable