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WorksheetsBasic Accounting
Total questions: 10
Worksheet time: 5mins
Accounting is referred to as the "language of ___________________."
profit
life
work
business
Amount owed by a business
liability
asset
capital
account
What is assets?
Cash in the business
Anything that a creditor has financial claim to
What remains after liabilities are paid
Any item or property owned by the business
The left side of a T-Account is called
debit
credit
left side
right side
It is the art of analyzing financial transactions and economic events, recording them, classifying them into accounts, summarizing them, reporting, and interpreting the results.
Bookkeeping
Journalizing
Accounting
Auditing
How would an accountant record an increase in cash?
debit
credit
How would an accountant record an increase in sales?
debit
credit
An accounting device used to analyze transactions.
T - account
temporary account
personal account
permanent account
A Bank Loan is classified as a:
revenue
expense
asset
liability
The owner invests personal cash in the business. Assets will
increase
decrease
no effect
