Which of the following is not considered a subcategory of Owner's Equity (Capital) ?

The properties used in the operation or investment activities of a business are called -

A detailed listing of a General Ledger's accounts is called -

Accounting is defined as the process of recording and classifying business transactions.

A relatively new type of business structure that combines the benefits of a partnership and corporation is called a -

When choosing a type of business structure (organization) which of the following is not a consideration.

A wholesaler is a type of business that normally sells directly to the public.

The Single Entry Bookkeeping System is the system recommended by most accountants for recording financial transactions.

The bookkeeping system that has built in checks and balances is called -

The Cash Method (Basis) of accounting is considered to be in conformity with Generally Accepted Accounting Principles (GAAP).

The Cash Method (Basis) of accounting records income in the period earned and expenses in the period incurred.

The Double Entry method of accounting can be used with both the Cash and Accrual Methods (Basis) of accounting.

The concept that requires every business to be accounted for separately from its owners is called the -

The concept that requires revenue to be recognized when earned is called the -

Which of the following is not a version of the Accounting Equation ?

Which of the following is not a type of asset ?

Which of the following is a Liability ?

Expenses increase Owner's Equity (Capital).

Revenues increase Owner's Equity (Capital).

The Double Entry System requires every transaction to be recorded in at least two places (accounts).

A debit is an entry entered in the right side (column) of an account.

A credit increases the balance of an asset account.

A debit increases the balance of a liability account.

Which of the following accounts is what is known as a temporary or nominal account ?

Profit is the amount that a business's expenses exceed revenues.

A debit is an entry made to the left side (column) of an account and always increases an account's balance.

If Assets = 100,000 and Liabilities = 75,000 then Owner's Equity (Capital) is -

All accounts have a normal balance that is either a debit or credit balance.

Asset Accounts normally have a credit balance.

Revenue Accounts normally have a credit balance.

Expense Accounts normally have a debit balance.

Owner's Withdrawals (Draws) are not used to figure the profit or loss for a business.

All accounts have an increase side (column) and a decrease side (column).

Which of the following statements is true ?

Which of the following accounts is not increased by a debit ?

Which of the following accounts is not increased by a credit ?

Assets, Draws, and Revenue Accounts normally have a debit balance.

Liability, Owner's Equity (Capital), and Revenue Accounts normally have a credit balance.

Whether a debit or a credit to an account increases the account's balance or decreases the account's balance depends on the type of account.

Debit/Credit Rule- enter an amount in the normal balance side of an account to increase the balance and in the opposite side to decrease the balance.