Debits & Credits

Question 1

_______ and _______ are words used to represent the duality or double-sided nature of all financial transactions.

Answer 1

Debits and credits

Question 2

Debits and credits are words used to represent the _______ or _______-_______ nature of all financial transactions.

Answer 2

duality or double-sided

Question 3

Debits and credits are words used to represent the duality or double-sided nature of all _______ _______.

Answer 3

financial transactions

Question 4

Accountants consider every _______ to involve a flow of economic benefit from a source to a destination.

Answer 4

transaction

Question 5

Accountants consider every transaction to involve a flow of _______ _______ from a source to a destination.

Answer 5

economic benefit

Question 6

Accountants consider every transaction to involve a flow of economic benefit from a _______ to a _______.

Answer 6

source, destination

Question 7

_______ _______ is the potential for an asset to contribute either directly or indirectly to the flow of an entity’s cash.

Answer 7

Economic benefit

Question 8

Economic benefit is the _______ for an asset to contribute either directly or indirectly to the flow of an entity’s cash.

Answer 8

potential

Question 9

Economic benefit is the potential for an _______ to contribute either directly or indirectly to the flow of an entity’s cash.

Answer 9

asset

Question 10

Economic benefit is the potential for an asset to contribute either directly or indirectly to the flow of an entity’s _______.

Answer 10

cash

Question 11

Credits represent the source of _______ _______, while debits represent the destination of _______ _______.

Answer 11

economic benefit, economic benefit

Question 12

_______ represent the source of economic benefit, while debits represent the destination of economic benefit.

Answer 12

Credits

Question 13

Credits represent the source of economic benefit, while _______ represent the destination of economic benefit.

Answer 13

debits

Question 14

_______ that economic benefit can flow to (debits) include: assets, expenses, and dividends.

Answer 14

Destinations

Question 15

Destinations that _______ _______ can flow to (debits) include: assets, expenses, and dividends.

Answer 15

economic benefit

Question 16

Destinations that economic benefit can flow to (_______) include: assets, expenses, and dividends.

Answer 16

debits

Question 17

Destinations that economic benefit can flow to (debits) include: _______, _______, and _______.

Answer 17

assets, expenses, and dividends

Question 18

_______ that economic benefit can flow from (credits) include: owner’s equity, liabilities, and revenue.

Answer 18

Sources

Question 19

Sources that _______ _______ can flow from (credits) include: owner’s equity, liabilities, and revenue.

Answer 19

economic benefit

Question 20

Sources that economic benefit can flow from (_______) include: owner’s equity, liabilities, and revenue.

Answer 20

credits

Question 21

Sources that economic benefit can flow from (credits) include: _______ _______, _______, and _______.

Answer 21

owner’s equity, liabilities, and revenue

Question 22

What is the expanded equation of the basic accounting equation (Assets = Liabilities + Equity)

Answer 22

Dividends + Expenses + Assets = Liabilities + (Owner’s) Equity + Revenue

Question 23

What is the acronym for the expanded accounting equation?

Answer 23

DEALER

Question 24

Which side of the expanded accounting equation consists of debits?

Answer 24

Dividends + Expenses + Assets

Question 25

Which side of the expanded accounting equation consists of credits?

Answer 25

Liabilities + Equity + Revenue