Accounting Tool and Transaction Flashcards

Below are some accounting tools and transaction flashcards. As an accountant or aspiring accountant, you know that the general rule for accounting is that for every debit, there must be an equal credit done to another account. Use these flashcards to see if you are making the entries in the right way and, if not, know that you do the next time you prepare books of accounts.

20 cards   |   Total Attempts: 182
  

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Cards In This Set

Front Back
To increase an Asset, you have to _____ it.
Debit
An investment by the owner increases which account?
Capital
The normal balance is the _____ side of the account.
Increase
A debit to a revenue will _____ it.
Decrease
The normal balance for an asset account is...
Debit
To increase Accounts Payable, you must _____ it.
Credit
Accounts Receivable is classified as which type of account?
Asset
The normal balance of a Drawing account is...
Debit
Accounts Payable are considered as which type of account?
Liability
Anything of value that is owned is considered to be a(n)...
Asset
A revenue increases on the _____ side of the account.
Credit
A(n) _____ will cause Capital to be increased.
Credit
Credits to Cash will _____ it.
Decrease
Cash is classified under which type of account?
Asset
When a customer pays for something on account, it will _____ their balance owed.
Increase