Accounting Knowledge Flashcards
1
Q
Dr = ?
A
Debit
2
Q
Cr = ?
A
Credit
3
Q
A = ?
A
Assets
4
Q
L = ?
A
Liabilities
5
Q
OE = ?
A
Owner’s Equity
6
Q
A = L + OE stands for?
A
Assets = Liabilities + Owner’s Equity
7
Q
BS = ?
A
Balance Sheet
8
Q
IS = ?
A
Income Statement
9
Q
Name the 3 Balance Sheet account types
A
- Assets
- Liabilities
- Owner’s Equity
10
Q
Name the 2 Income Statement account types
A
- Revenues
2. Expenses
11
Q
E = ?
A
Expenses
12
Q
R = ?
A
Revenues
13
Q
What is the normal balance for assets?
A
Debit
14
Q
What is the normal balance for expenses?
A
Debit
15
Q
What is the normal balance for revenues?
A
Credit
