WorksheetsAccounting 1: T-Accounts Quiz
Total questions: 10
Worksheet time: 2hrs 40mins
Which equation is considered the Accounting Equation?
Assets - Liabilities = Owner's Equity
Liabilities = Owner's Equity - Assets
Assets= Liabilities + Owner's Equity
Assets= Liabilities - Owner's Equity
Assets are on the ________ side of the Accounting Equation.
Left
Right
Liabilities and Owner's Equity are on the ______ side of the Accounting Equation.
Left
Right
A list of accounts used by a business are called
List of Accounts
Assets
Expenses
Chart of Accounts
When setting up T-Accounts, the "Debit" side is the ______ side.
Left
Right
When setting up T-Accounts, the "Credit" side is the ______ side.
Left
Right
Normal Balance is the side of the account that is_______.
Increased
Decreased
Asset accounts normal balance is the _____ side.
Credit (Right side of a T-account)
Debit (Left side of a T-account)
Liability accounts normal balance is the _____ side.
Credit (Right side of a T-account)
Debit (Left side of a T-account)
Owner's Equity accounts normal balance is the _____ side.
Credit (Right side of a T-account)
Debit (Left side of a T-account)
