module 2

Question 1

when businesses are recording transactions in their financial records, they use smaller groupings called ______

Answer 1

accounts

Question 2

uses debits on the left and credits on the right

Answer 2

double entry accounting

Question 3

increase with a debit and decrease with a credit

Answer 3

assets + expenses

Question 4

increase with a credit and decrease with a debit

Answer 4

liabilities, equity, revenue

Question 5

the ______ must always be equal

Answer 5

total of credits to debits

Question 6

accounting equation

Answer 6

assets = liabilities + owners equity

Question 7

all transactions are recorded in ____ _____

Answer 7

journal entries

Question 8

debits are on the ____

Answer 8

left

Question 9

credits are on the _____

Answer 9

right

Question 10

journal entries can be summarized in ______

Answer 10

T-accounts

Question 11

all of the T-accounts can be summarized in a _____ _______

Answer 11

trial balance

Question 12

a list of all the businesses accounts that have balances at that date, and the amt in each account

Answer 12

trial balance

Question 13

balance of each account is listed in the ____ _____

Answer 13

trial balance

Question 14

_____ and _____ accounts will typically have debit balances

Answer 14

asset, expense

Question 15

will show credit balances

Answer 15

liability / equity / revenue

Question 16

since debits always equal credits for each journal entry, and every journal entry posted to T-accounts, total of all debit balance accts should equal total of all credit balance accts in the ____ ______

Answer 16

trial balance