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Questions and Answers
What must assets equal according to the basic accounting equation?
What must assets equal according to the basic accounting equation?
- The sum of liabilities and owner's equity (correct)
- The sum of revenues and expenses
- The sum of expenses and owner's equity
- The sum of liabilities and normal balances
Which accounts have normal balances as credits?
Which accounts have normal balances as credits?
- Owner's equity accounts (correct)
- Asset accounts
- Liability accounts
- Revenues accounts
What separates the left side (debit) from the right side (credit) of the accounting equation?
What separates the left side (debit) from the right side (credit) of the accounting equation?
- Plus sign
- Comma
- Minus sign
- Equals sign (correct)
Which major accounts are perfectly captured by the accounting equation?
Which major accounts are perfectly captured by the accounting equation?
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What is recorded in 'journals' and 'ledgers' in accounting?
What is recorded in 'journals' and 'ledgers' in accounting?
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What is the primary difference between a debit card and a credit card?
What is the primary difference between a debit card and a credit card?
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Which of the following is NOT considered a major account in accounting?
Which of the following is NOT considered a major account in accounting?
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What does the term 'assets' refer to in accounting?
What does the term 'assets' refer to in accounting?
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In accounting, where are revenues and expenses classified?
In accounting, where are revenues and expenses classified?
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What defines an asset in accounting?
What defines an asset in accounting?
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