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Debits/Credits Flashcards Preview

FAR > Debits/Credits > Flashcards

Flashcards in Debits/Credits Deck (42)
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0
Q

Accounts Receivable

A

Asset

Debits increase

Credits decrease

1
Q

Accounts Payable

A

Liability

Credits increase

Debits decrease

2
Q

Accumulated Depreciation

A

Contra Asset

Credits increase

Debits decrease

3
Q

Advertising Expense

A

Expense

Debits increase

Credits decrease

4
Q

Allowance for Uncollectible Accounts

A

Contra Asset

Credits increase

Debits decrease

5
Q

Amortization Expense

A

Expense

Debits increase

Credits decrease

6
Q

Available for Sale Securities

A

Asset

Debits increase

Credits decrease

7
Q

Bonds Payable

A

Liability

Credits Increase

Debits Decrease

8
Q

Building

A

Asset

Debits increase

Credits decrease

9
Q

Capital Stock

A

Equity

Credits increase

Debits decrease

10
Q

Cash

A

Asset

Debits increase

Credits decrease

11
Q

Cash over

A

Revenue

Credits increase

Debits decrease

12
Q

Cash short

A

Liability

Credits increase

Debits decrease

13
Q

Charitable Contributions Payable

A

Liability

Credits increase

Debits decrease

14
Q

Common Stock

A

Equity

Credits increase

Debits decrease

15
Q

Currency Exchange Loss

A

Loss

Debits increase

Credits decrease

16
Q

Depreciation Expense

A

Expense

Debits increase

Credits decrease

17
Q

Discount on Bonds Payable

A

Liability

Credits increase

Debits decrease

18
Q

Discount on Notes Payable

A

Contra liability

Debits increase

Credits decrease

19
Q

Dividend Income

A

Revenue

Credits increase

Debits decrease

20
Q

Dividends

A

Dividend

Debits increase

Credits decrease

21
Q

Dividends Payable

A

Liability

Credits increase

Debits decrease

22
Q

Employee Benefit Expense

A

Expense

Debits increase

Credits decrease

23
Q

Equipment

A

Asset

Debits increase

Credits decrease

24
Q

Federal Income Tax Payable

A

Liability

Credits increase

Debits decrease

25
Q

Federal Unemployment Tax Payable

A

Liability

Credits increase

Debits decrease

26
Q

Freight in

A

Part of calculation of net purchase (expense)

Debits increase

Credits increase

27
Q

Freight out

A

Expense

Debits increase

Credits decrease

28
Q

Fuel expense

A

Expense

Credits increase

Debits decrease

29
Q

Gain

A

Gain

Credits increase

Debits decrease

30
Q

Health/child flex payable

A

Liability

Credits increase

Debits decrease

31
Q

Income summary

A

Not a financial statement account

Credit for total revenue

Debit for total expense

32
Q

Insurance expense

A

Expense

Debits increase

Credits decrease

33
Q

Insurance payable

A

Liability

Credits increase

Debits decrease

34
Q

Interest expense

A

Expense

Debits increase

Credits decrease

35
Q

Interest income

A

Revenue

Credits increase

Debits decrease

36
Q

Interest payable

A

Liability

Credits increase

Debits decrease

37
Q

Interest receivable

A

Asset

Debits increase

Credits decrease

38
Q

Inventory

A

Asset

Debits increase

Credits decrease

39
Q

Investment in bond

A

Asset

Debits increase

Credits decrease

40
Q

Investment income

A

Revenue

Credits increase

Debits decrease

41
Q

Investment

A

Asset

Debits increase

Credits decrease

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