Accounting Principles Flashcards
(109 cards)
1
Q
Accounts Payable - which side has the normal balance?
A
Credit side
2
Q
Accounts Receivable - which side has the normal balance?
A
Debit side
3
Q
Accumulated Depreciation (Buildings and Equipment) - which side has the normal balance?
A
Credit side
4
Q
Advertising Expense - which side has the normal balance?
A
Debit side
5
Q
Allowance for Doubtful Accounts - which side has the normal balance?
A
Credit side
6
Q
Amortization Expense - which side has the normal balance?
A
Debit side
7
Q
Bad Debts Expense - which side has the normal balance?
A
Debit side
8
Q
Bonds Payable - which side has the normal balance?
A
Credit side
9
Q
Buildings - which side has the normal balance?
A
Debit side
10
Q
Cash - which side has the normal balance?
A
Debit side
11
Q
Common Stock - which side has the normal balance?
A
Credit side
12
Q
Cost of Goods Sold - which side has the normal balance?
A
Debit side
13
Q
Depreciation Expense - which side has the normal balance?
A
Debit side
14
Q
Discount on Bonds Payable - which side has the normal balance?
A
Debit side
15
Q
Dividends - which side has the normal balance?
A
Debit side
16
Q
Equipment - which side has the normal balance?
A
Debit side
17
Q
Freight-Out costs - which side has the normal balance?
A
Debit side
18
Q
Gain on Disposal of Plant Assets - which side has the normal balance?
A
Credit side
19
Q
Income Summary - if there’s a net income, which side has the normal balance?
A
Credit side
20
Q
Income Summary - if there’s a net loss, which side has the normal balance?
A
Debit side
21
Q
Income Tax Expense - which side has the normal balance?
A
Debit side
22
Q
Income Taxes Payable - which side has the normal balance?
A
Credit side
23
Q
Insurance Expense - which side has the normal balance?
A
Debit side
24
Q
Interest Expense - which side has the normal balance?
A
Debit side
25
Interest Payable - which side has the normal balance?
Credit side
26
Interest Receivable - which side has the normal balance?
Debit side
27
Interest Revenue - which side has the normal balance?
Credit side
28
Inventory - which side has the normal balance?
Debit side
29
Land - which side has the normal balance?
Debit side
30
Loss on Disposal of Plant Assets - which side has the normal balance?
Debit side
31
Maintenance and Repairs Expense - which side has the normal balance?
Debit side
32
Mortgage Payable - which side has the normal balance?
Credit side
33
Notes Payable - which side has the normal balance?
Credit side
34
Owner's Capital - which side has the normal balance?
Credit side
35
Owner's Drawings - which side has the normal balance?
Debit side
36
Paid-In Capital in Excess of Par - Common and Preferred Stock - which side has the normal balance?
Credit side
37
Preferred Stock - which side has the normal balance?
Credit side
38
Premium on Bonds Payable - which side has the normal balance?
Credit side
39
Prepaid Insurance - which side has the normal balance?
Debit side
40
Prepaid rent - which side has the normal balance?
Debit side
41
Rent Expense - which side has the normal balance?
Debit side
42
Retained Earnings - which side has the normal balance?
Credit side
43
Sales and Wages Expense - which side has the normal balance?
Debit side
44
Salaries and Wages Payable - which side has the normal balance?
Credit
45
Sales Discounts - which side has the normal balance?
Debit side
46
Sales Returns and Allowances - which side has the normal balance?
Debit side
47
Sales Revenue - which side has the normal balance?
Credit side
48
Selling Expenses - which side has the normal balance?
Debit side
49
Service Revenue - which side has the normal balance?
Credit side
50
Short-Term Investments - which side has the normal balance?
Debit side
51
Supplies - which side has the normal balance?
Debit side
52
Supplies Expense - which side has the normal balance?
Debit side
53
Treasury Stock - which side has the normal balance?
Debit side
54
Utilities Expense - which side has the normal balance?
Debit side
55
Accounts Payable - what type is this and in which financial statement will you find it?
Current liability / Balance Sheet
56
Accounts Receivable - what type is this and in which financial statement will you find it?
Current Asset / Balance Sheet
57
Accumulated Depreciation -what type is this and in which financial statement will you find it?
Contra-Asset / Balance Sheet
58
Advertising Expense - what type is this and in which financial statement will you find it?
Operating Expense / Income Statement
59
Allowance for Doubtful Accounts - what type is this and in which financial statement will you find it?
Current Contra-Asset / Balance Sheet
60
Amortization Expense - what type is this and in which financial statement will you find it?
Operating Expense / Income Statement
61
Bad Debts Expense - what type is this and in which financial statement will you find it?
Operating Expense / Income Statement
62
Bonds Payable - what type is this and in which financial statement will you find it?
Long-Term Liability / Balance Sheet
63
Buildings - what type is this and in which financial statement will you find it?
Plant Assets / Balance Sheet
64
Cash - what type is this and in which financial statement will you find it?
Current Asset / Balance Sheet
65
Common Stock - what type is this and in which financial statement will you find it?
Stockholders Equity / Balance Sheet
66
Cost of Goods Sold - what type is this and in which financial statement will you find it?
Cost of Goods Sold / Income statement
67
Depreciation Expense - what type is this and in which financial statement will you find it?
Operating Expense / Income Statement
68
Discount on Bonds Payable - what type is this and in which financial statement will you find it?
Long-Term Contra-Liability / Balance Sheet
69
Dividends - what type is this and in which financial statement will you find it?
Temporary Account - closed to Retained Earnings Statement
70
Dividends Payable - what type is this and in which financial statement will you find it?
Current Liability / Balance Sheet
71
Equipment - what type is this and in which financial statement will you find it?
Plant Asset / Balance Sheet
72
Freight-Out - what type is this and in which financial statement will you find it?
Operating Expense / Income Statement
73
Gain on Disposal of Plant Assets - what type is this and in which financial statement will you find it?
Other Income / Income Statement
74
Income Summary - what type is this and in which financial statement will you find it?
Temporary account closed to Retained Earnings Statement
75
Income Tax Expense - what type is this and in which financial statement will you find it?
Income Tax Expense / Income Statement
76
Income Taxes Payable - what type is this and in which financial statement will you find it?
Current Liability / Balance Sheet
77
Insurance Expense - what type is this and in which financial statement will you find it?
Operating Expense / Income Statement
78
Interest Expense - what type is this and in which financial statement will you find it?
Other Expense / Income Statement
79
Interest Payable - what type is this and in which financial statement will you find it?
Current Liability / Balance Sheet
80
Interest Receivable - what type is this and in which financial statement will you find it?
Current Asset / Balance Sheet
81
Interest Revenue -what type is this and in which financial statement will you find it?
Other Income / Income Statement
82
Inventory - what type is this and in which financial statement will you find it?
Current Asset / Balance Sheet
83
Land - what type is this and in which financial statement will you find it?
Plant Asset / Balance Sheet
84
Loss on Disposal of Plant Assets - what type is this and in which financial statement will you find it?
Other Expense / Income Statement
85
Maintenance and Repairs Expense - what type is this and in which financial statement will you find it?
Operating Expense / Income Statement
86
Mortgage Payable - what type is this and in which financial statement will you find it?
Long-Term Liability / Balance Sheet
87
Notes Payable - what type is this and in which financial statement will you find it?
Current OR Long-Term Liability / Balance Sheet
88
Owner's Capital - what type is this and in which financial statement will you find it?
Owners Equity / Owners Equity Statement AND Balance Sheet
89
Owner's Drawings - what type is this and in which financial statement will you find it?
Temporary account closed to Owners Capital / Owners Equity Statement
90
Paid-In Capital in Excess of Par (Common and Preferred Stock) - what type is this and in which financial statement will you find it?
Stockholders Equity / Balance Sheet
91
Preferred Stock - what type is this and in which financial statement will you find it?
Stockholders Equity / Balance Sheet
92
Premium on Bonds Payable - what type is this and in which financial statement will you find it?
Long-Term Contra-Liability / Balance Sheet
93
Prepaid Insurance - what type is this and in which financial statement will you find it?
Current Asset / Balance Sheet
94
Prepaid Rent - what type is this and in which financial statement will you find it?
Current Asset / Balance Sheet
95
Rent Expense - what type is this and in which financial statement will you find it?
Operating Expense / Income Statement
96
Retained Earnings - what type is this and in which financial statement will you find it?
Stockholders Equity / Balance Sheet AND Retained Earnings Statement
97
Salaries and Wages Expense - what type is this and in which financial statement will you find it?
Operating Expense - Income Statement
98
Salaries and Wages Payable - what type is this and in which financial statement will you find it?
Current Liability / Balance Sheet
99
Sales Discounts - what type is this and in which financial statement will you find it?
Contra-Revenue / Income Statement
100
Sales Returns and Allowances - what type is this and in which financial statement will you find it?
Contra-Revenue / Income Statement
101
Sales Revenue - what type is this and in which financial statement will you find it?
Revenue / Income Statement
102
Selling Expenses - what type is this and in which financial statement will you find it?
Operating Expense / Income Statement
103
Service Revenue - what type is this and in which financial statement will you find it?
Revenue / Income Statement
104
Short-Term Investments - what type is this and in which financial statement will you find it?
Current Asset / Balance Sheet
105
Supplies - what type is this and in which financial statement will you find it?
Current Asset / Balance Sheet
106
Supplies Expense - what type is this and in which financial statement will you find it?
Operating Expense / Income Statement
107
Treasury Stock - what type is this and in which financial statement will you find it?
Stockholders Equity / Balance Sheet
108
Unearned Service Revenue - what type is this and in which financial statement will you find it?
Current Liability / Balance Sheet
109
Utilities Expense - what type is this and in which financial statement will you find it?
Operating Expense / Income Statement
