chapter 5 outline Flashcards
1
Q
carry over from one accounting period to the next will usually show a balance at all times
A
permanent acccounts
2
Q
closed at the end of each accounting period always start new accounting period with 0 balances
A
temporary accounts
3
Q
revenue account is always ___ on the credit side
A
+
4
Q
revenue account is always ___ on the debit side
A
-
5
Q
expense account is always ___ on the credit side
A
-
6
Q
expense account is always ___ on the debit side
A
+
7
Q
withdrawl account is always ___ on the credit side
A
-
8
Q
withdrawl account is always ___ on the debit side
A
+
