UNIT 4: ACCOUNTING CYCLE (TERMINOLOGIES)

Increases are recorded on the _____ balance side of an account

Decreases are recorded on the ______ side of the normal balance

which of the following are permanent accounts/real accounts?

• Assets

• Expenses

• Revenues

• Owner’s Capital

• Liabilities

which of the following are temporary accounts /nominal accounts?

• Assets

• Expenses

• Revenues

• Owner’s Capital

• Owner's Drawing

Represents a mathematical operation [ +, -, x, ÷ ]

represents account balance and final answers

account that is brought forward to the next accounting period

account that is closed at the end of the accounting period

Inventory count,
basis for recording ending inventory