Type Of Accounts

Question 1

3 types of accounts

Answer 1

Assets
Liabilities
Expenses

Question 2

List 3 different Liability Accounts

Answer 2

Notes payable
Accounts payable
Unearned revenue

Question 3

List 8 different expenses

Answer 3

Rent expense
Utility expense
Insurance expense
Interest expense
Salary expense
Repairs expense
Advertising expense
Supplies expense

Question 4

List 9 different Assets

Answer 4

Cash
Accounts Receivable
Office Equipment
Land
Building
Vehicles
Equipment
Prepaid
Supplies

Question 5

Debit

Answer 5

Left

Question 6

Credit

Answer 6

Right

Question 7

Debit or credit assets

Answer 7

Debit assets when increasing
Credit when decreasing

Question 8

Debit or credit expenses

Answer 8

Always debit expenses

Question 9

Debit or credit liabilities

Answer 9

Credit when increasing
Debit when decreasing

Question 10

Debit or credit revenue

Answer 10

Revenue is always a debit

Question 11

Is the account we’re paying debit or credit

Answer 11

It’s always a debit

Question 12

Is what we borrow debit or credit

Answer 12

It’s always credit