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Accounting Principles > Accounting Principles > Flashcards

Accounting Principles Flashcards

1
Q

Accounts Payable - which side has the normal balance?

A

Credit side

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2
Q

Accounts Receivable - which side has the normal balance?

A

Debit side

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3
Q

Accumulated Depreciation (Buildings and Equipment) - which side has the normal balance?

A

Credit side

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4
Q

Advertising Expense - which side has the normal balance?

A

Debit side

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5
Q

Allowance for Doubtful Accounts - which side has the normal balance?

A

Credit side

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6
Q

Amortization Expense - which side has the normal balance?

A

Debit side

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7
Q

Bad Debts Expense - which side has the normal balance?

A

Debit side

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8
Q

Bonds Payable - which side has the normal balance?

A

Credit side

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9
Q

Buildings - which side has the normal balance?

A

Debit side

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10
Q

Cash - which side has the normal balance?

A

Debit side

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11
Q

Common Stock - which side has the normal balance?

A

Credit side

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12
Q

Cost of Goods Sold - which side has the normal balance?

A

Debit side

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13
Q

Depreciation Expense - which side has the normal balance?

A

Debit side

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14
Q

Discount on Bonds Payable - which side has the normal balance?

A

Debit side

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15
Q

Dividends - which side has the normal balance?

A

Debit side

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16
Q

Equipment - which side has the normal balance?

A

Debit side

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17
Q

Freight-Out costs - which side has the normal balance?

A

Debit side

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18
Q

Gain on Disposal of Plant Assets - which side has the normal balance?

A

Credit side

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19
Q

Income Summary - if there’s a net income, which side has the normal balance?

A

Credit side

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20
Q

Income Summary - if there’s a net loss, which side has the normal balance?

A

Debit side

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21
Q

Income Tax Expense - which side has the normal balance?

A

Debit side

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22
Q

Income Taxes Payable - which side has the normal balance?

A

Credit side

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23
Q

Insurance Expense - which side has the normal balance?

A

Debit side

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24
Q

Interest Expense - which side has the normal balance?

A

Debit side

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25
Q

Interest Payable - which side has the normal balance?

A

Credit side

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26
Q

Interest Receivable - which side has the normal balance?

A

Debit side

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27
Q

Interest Revenue - which side has the normal balance?

A

Credit side

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28
Q

Inventory - which side has the normal balance?

A

Debit side

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29
Q

Land - which side has the normal balance?

A

Debit side

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30
Q

Loss on Disposal of Plant Assets - which side has the normal balance?

A

Debit side

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31
Q

Maintenance and Repairs Expense - which side has the normal balance?

A

Debit side

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32
Q

Mortgage Payable - which side has the normal balance?

A

Credit side

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33
Q

Notes Payable - which side has the normal balance?

A

Credit side

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34
Q

Owner’s Capital - which side has the normal balance?

A

Credit side

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35
Q

Owner’s Drawings - which side has the normal balance?

A

Debit side

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36
Q

Paid-In Capital in Excess of Par - Common and Preferred Stock - which side has the normal balance?

A

Credit side

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37
Q

Preferred Stock - which side has the normal balance?

A

Credit side

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38
Q

Premium on Bonds Payable - which side has the normal balance?

A

Credit side

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39
Q

Prepaid Insurance - which side has the normal balance?

A

Debit side

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40
Q

Prepaid rent - which side has the normal balance?

A

Debit side

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41
Q

Rent Expense - which side has the normal balance?

A

Debit side

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42
Q

Retained Earnings - which side has the normal balance?

A

Credit side

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43
Q

Sales and Wages Expense - which side has the normal balance?

A

Debit side

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44
Q

Salaries and Wages Payable - which side has the normal balance?

A

Credit

45
Q

Sales Discounts - which side has the normal balance?

A

Debit side

46
Q

Sales Returns and Allowances - which side has the normal balance?

A

Debit side

47
Q

Sales Revenue - which side has the normal balance?

A

Credit side

48
Q

Selling Expenses - which side has the normal balance?

A

Debit side

49
Q

Service Revenue - which side has the normal balance?

A

Credit side

50
Q

Short-Term Investments - which side has the normal balance?

A

Debit side

51
Q

Supplies - which side has the normal balance?

A

Debit side

52
Q

Supplies Expense - which side has the normal balance?

A

Debit side

53
Q

Treasury Stock - which side has the normal balance?

A

Debit side

54
Q

Utilities Expense - which side has the normal balance?

A

Debit side

55
Q

Accounts Payable - what type is this and in which financial statement will you find it?

A

Current liability / Balance Sheet

56
Q

Accounts Receivable - what type is this and in which financial statement will you find it?

A

Current Asset / Balance Sheet

57
Q

Accumulated Depreciation -what type is this and in which financial statement will you find it?

A

Contra-Asset / Balance Sheet

58
Q

Advertising Expense - what type is this and in which financial statement will you find it?

A

Operating Expense / Income Statement

59
Q

Allowance for Doubtful Accounts - what type is this and in which financial statement will you find it?

A

Current Contra-Asset / Balance Sheet

60
Q

Amortization Expense - what type is this and in which financial statement will you find it?

A

Operating Expense / Income Statement

61
Q

Bad Debts Expense - what type is this and in which financial statement will you find it?

A

Operating Expense / Income Statement

62
Q

Bonds Payable - what type is this and in which financial statement will you find it?

A

Long-Term Liability / Balance Sheet

63
Q

Buildings - what type is this and in which financial statement will you find it?

A

Plant Assets / Balance Sheet

64
Q

Cash - what type is this and in which financial statement will you find it?

A

Current Asset / Balance Sheet

65
Q

Common Stock - what type is this and in which financial statement will you find it?

A

Stockholders Equity / Balance Sheet

66
Q

Cost of Goods Sold - what type is this and in which financial statement will you find it?

A

Cost of Goods Sold / Income statement

67
Q

Depreciation Expense - what type is this and in which financial statement will you find it?

A

Operating Expense / Income Statement

68
Q

Discount on Bonds Payable - what type is this and in which financial statement will you find it?

A

Long-Term Contra-Liability / Balance Sheet

69
Q

Dividends - what type is this and in which financial statement will you find it?

A

Temporary Account - closed to Retained Earnings Statement

70
Q

Dividends Payable - what type is this and in which financial statement will you find it?

A

Current Liability / Balance Sheet

71
Q

Equipment - what type is this and in which financial statement will you find it?

A

Plant Asset / Balance Sheet

72
Q

Freight-Out - what type is this and in which financial statement will you find it?

A

Operating Expense / Income Statement

73
Q

Gain on Disposal of Plant Assets - what type is this and in which financial statement will you find it?

A

Other Income / Income Statement

74
Q

Income Summary - what type is this and in which financial statement will you find it?

A

Temporary account closed to Retained Earnings Statement

75
Q

Income Tax Expense - what type is this and in which financial statement will you find it?

A

Income Tax Expense / Income Statement

76
Q

Income Taxes Payable - what type is this and in which financial statement will you find it?

A

Current Liability / Balance Sheet

77
Q

Insurance Expense - what type is this and in which financial statement will you find it?

A

Operating Expense / Income Statement

78
Q

Interest Expense - what type is this and in which financial statement will you find it?

A

Other Expense / Income Statement

79
Q

Interest Payable - what type is this and in which financial statement will you find it?

A

Current Liability / Balance Sheet

80
Q

Interest Receivable - what type is this and in which financial statement will you find it?

A

Current Asset / Balance Sheet

81
Q

Interest Revenue -what type is this and in which financial statement will you find it?

A

Other Income / Income Statement

82
Q

Inventory - what type is this and in which financial statement will you find it?

A

Current Asset / Balance Sheet

83
Q

Land - what type is this and in which financial statement will you find it?

A

Plant Asset / Balance Sheet

84
Q

Loss on Disposal of Plant Assets - what type is this and in which financial statement will you find it?

A

Other Expense / Income Statement

85
Q

Maintenance and Repairs Expense - what type is this and in which financial statement will you find it?

A

Operating Expense / Income Statement

86
Q

Mortgage Payable - what type is this and in which financial statement will you find it?

A

Long-Term Liability / Balance Sheet

87
Q

Notes Payable - what type is this and in which financial statement will you find it?

A

Current OR Long-Term Liability / Balance Sheet

88
Q

Owner’s Capital - what type is this and in which financial statement will you find it?

A

Owners Equity / Owners Equity Statement AND Balance Sheet

89
Q

Owner’s Drawings - what type is this and in which financial statement will you find it?

A

Temporary account closed to Owners Capital / Owners Equity Statement

90
Q

Paid-In Capital in Excess of Par (Common and Preferred Stock) - what type is this and in which financial statement will you find it?

A

Stockholders Equity / Balance Sheet

91
Q

Preferred Stock - what type is this and in which financial statement will you find it?

A

Stockholders Equity / Balance Sheet

92
Q

Premium on Bonds Payable - what type is this and in which financial statement will you find it?

A

Long-Term Contra-Liability / Balance Sheet

93
Q

Prepaid Insurance - what type is this and in which financial statement will you find it?

A

Current Asset / Balance Sheet

94
Q

Prepaid Rent - what type is this and in which financial statement will you find it?

A

Current Asset / Balance Sheet

95
Q

Rent Expense - what type is this and in which financial statement will you find it?

A

Operating Expense / Income Statement

96
Q

Retained Earnings - what type is this and in which financial statement will you find it?

A

Stockholders Equity / Balance Sheet AND Retained Earnings Statement

97
Q

Salaries and Wages Expense - what type is this and in which financial statement will you find it?

A

Operating Expense - Income Statement

98
Q

Salaries and Wages Payable - what type is this and in which financial statement will you find it?

A

Current Liability / Balance Sheet

99
Q

Sales Discounts - what type is this and in which financial statement will you find it?

A

Contra-Revenue / Income Statement

100
Q

Sales Returns and Allowances - what type is this and in which financial statement will you find it?

A

Contra-Revenue / Income Statement

101
Q

Sales Revenue - what type is this and in which financial statement will you find it?

A

Revenue / Income Statement

102
Q

Selling Expenses - what type is this and in which financial statement will you find it?

A

Operating Expense / Income Statement

103
Q

Service Revenue - what type is this and in which financial statement will you find it?

A

Revenue / Income Statement

104
Q

Short-Term Investments - what type is this and in which financial statement will you find it?

A

Current Asset / Balance Sheet

105
Q

Supplies - what type is this and in which financial statement will you find it?

A

Current Asset / Balance Sheet

106
Q

Supplies Expense - what type is this and in which financial statement will you find it?

A

Operating Expense / Income Statement

107
Q

Treasury Stock - what type is this and in which financial statement will you find it?

A

Stockholders Equity / Balance Sheet

108
Q

Unearned Service Revenue - what type is this and in which financial statement will you find it?

A

Current Liability / Balance Sheet

109
Q

Utilities Expense - what type is this and in which financial statement will you find it?

A

Operating Expense / Income Statement

Accounting Principles (4 decks)

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