Every accounting transaction must have at least one debit and one credit.

Liabilities are increased by a debit.

The owner's capital account is a temporary account.

Debits are always an increase to an account.

CPA stands for Certified Public Accountant.

The right side of an account represents the increase side.

Contra asset accounts will have a credit balance.

The account number for Accounts Payable will begin with a 4.

Expense accounts will have a normal debit balance.

You increase a revenue account with a credit.

Drawing is closed to the Income Summary account.

To adjust the Supplies account, you would debit Supplies Expense.

Writing a check to a vendor for a prior purchase results in a credit to Accounts Payable.

When posting, the reference G5 in the General Ledger indicates the transaction occurred on the 5th day of the month

On the Worksheet, if the total of the Income Statement debit column is greater than the total of the Income Statement credit column, the company earned net income.

The financial statement showing financial progress for the fiscal period is the

The amount closed to Capital from Income Summary represents

To decrease an asset, you should record an amount to that account's

All asset account ID's will begin with what number?

Performing adjusting entries to bring asset account balances up to date is an application of what accounting concept?

An increase in equity resulting from the sale of goods or services is called

The endorsement transferring ownership of a check is the _______ endorsement.

Which of the following does not result in the recording of an expense?

The accounting concept stating that the amount paid for assets is the amount recorded in the accounting journals is the

The governing body determining accounting policies and procedures is primarily

Which of the following is not considered a permanent record of a business?

Paying cash for insurance will result in a debit to

Which of the following is a permanent account?

The journal entry to close the revenue accounts is

Which of the following represents the correct order of the Accounting Cycle?

Which financial statement represents the accounting equation?

Accounts used to accumulate information from one period to the next are

A check that has been written but not yet cleared your bank account is known as a(n)

Posting a credit to a vendor's liability account will

Using an EFT to make a payment for your electric bill will result in

The left side of an Owner's Equity account is the

Separating the owner's personal records from those of the business represents the

Which of the following accounts is an asset?

Recording income when it is earned and expenses when they are incurred is called the

Posting a $2,500 credit to an asset account with a $4,700 debit balance results in a