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Cards In This Set
| Front | Back |
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A LIST OF ACCOUNTS IS CALLED
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CHART OF ACCOUNTS
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WHICH ARE THE PARTS OF THE T-ACCOUNT
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TITLE
DEBIT SIDE
CREDIT SIDE
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THE(?) IS WHERE A TRANSACTION CAN BE FIRST FOUND ON THE ACCOUNTING RECORDS
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JOURNAL
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THE PROCESS OF RECORDING A TRANSACTION IN A JOURNAL IS CALLED
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JOURNALIZING
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NET INCOME WILL RESULT WHEN
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REVENUES (CREDITS) > EXPENSES (DEBITS)
LT DEBIT
RT CREDIT
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THE PROCESS OF TRANSFERRING THE JOURNAL ENTRIES TO THE ACCOUNTS IS KNOW AS
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POSTING
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A TRIAL BALANCE IS PREPARED TO...
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SUMMARIZE THE ACCOUNT BALANCES TO HELP PREPARE FINANCIAL STATEMENTS
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CHART OF ACCT CLASSIFY &MAKE ID OF ACCTS EASIER. U ASSIGNI A # TO EACH ACCOUNT. THE FIRST # ID'S THE CLASSIFICATION OF TYPES OF ACCOUNT.
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WHICH OF THE FOLLOWING INDICATES THE USE OF THIS CLASSIFICATION?
1-ASSETS 2 LIABILITES 3 OWNERS EQUITY 4 REVENUES 5 EXPENSES
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SUPPLIES
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ASSET-DEBIT
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NOTES RECEIVABLE
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ASSET-DEBIT
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FEES EARNED
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REVENUE-CREDIT
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PHILLIPS, DRAWING
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NONE-DEBIT
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ACCOUNTS PAYABLE
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LIABILITY-CREDIT
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SALARIES EXPENSE
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EXPENSE-DEBIT
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HUGHES, CAPITAL
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NONE-CREDIT
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