ITA 1

Question 1

Debits must always equal ____________.

Answer 1

Credits

Question 2

Assets = Liabilities + ___________________.

Answer 2

Fund Balance

Question 3

The old term for fund balance is _______________.

Answer 3

Surplus

Question 4

Assets appear on the __________ side of the balance sheet.

Answer 4

Left

Question 5

Assets, liabilities and fund balance are called permanent accounts because they will appear on what statement?

Answer 5

Balance sheet

Question 6

Liabilities are increased with a credit.

Answer 6

True

Question 7

Fund balance will appear on the _______side of the balance sheet.

Answer 7

Right

Question 8

Fund balance is increased with a debit.

Answer 8

False

Question 9

What is GAAP?

Answer 9

Generally Accepted Accounting Principles

Question 10

What is OCBOA?

Answer 10

Other Comprehensive Basis of Accounting

Question 11

What is GASB?

Answer 11

Governmental Accounting Standards Board

Question 12

What is FASB?

Answer 12

Financial Accounting Standards Board

Question 13

What is the permanent financial record of the local unit?

Answer 13

General Ledger

Question 14

What is the normal balance for an asset account?

Answer 14

Debit

Question 15

What is the normal balance for a liability account?

Answer 15

Credit

Question 16

What is the normal balance for fund balance?

Answer 16

Credit

Question 17

Which term is associated with “left” or “left side”?

Answer 17

Debit

Question 18

Which term is associated with “right” or “right side”?

Answer 18

Credit

Question 19

What is MRNA?

Answer 19

Miscellaneous Revenue Not Anticipated

Question 20

In a double-entry accounting system every transaction has at least two journal entries: a _____ and a ______.

Answer 20

Debit Credit