Accounting Basics

Assets are $50,000. Liabilities are $12,000. What is Owner's Equity?

• $38,000

• $62,000

• None of the Choices

An accounting device used to analyze transactions

• T-Account

• Debit

• Credit

• Chart of Accounts

Assets are $120,000. Owner's Equity is $95,000. What is the Liability?

• $215,000

• $25,000

• None of the Choices

The amount remaining after the value of all liabilities is subtracted from the value of all assets.

• Accounting

• Asset

• Liability

• Owner's Equity

An amount recorded on the left side

• T-Account

• Debit

• Credit

• Chart of Accounts

What type of account is Accounts Payable?

• Asset

• Liability

• Owner's Equity

What type of account is Cash?

• Asset

• Liability

• Owner's Equity

Planning, recording, analyzing, and interpreting financial information

• Accounting

• Asset

• Liability

• Owner's Equity

An amount recorded on the right side

• T-Account

• Debit

• Credit

• Chart of Accounts

What type of account is Supplies?

• Asset

• Liability

• Owner's Equity