Topic 5 - Analyzing and recording process

1)What is an account? What is a ledger?

2)What determines the number and types of accounts a company uses?

2)Does debit always mean increase and credit always mean decrease?

4)Describe a chart of accounts.

1. Liability accounts are decreased with a ________.

2. A credit will increase the balance in a _________ account.

3. Credits are entered on the _________ side of a T-account.

4.Debits are entered on the ______ side of a T-account.
5. Asset account balances are reduced by a _________ entry.
6. The accounting _________ should always be in balance.
7. Revenues cause an increase in owner's _________.
8. These cause owner's equity to decrease.
9. The amount entered on the right side of a T-account.
11. _____________ are income statement accounts with debit balances.
12. Accounts _______________ is a balance sheet account with a debit balance.
13. The Retained Earnings account will be reduced with a __________ entry.
14. A sole proprietor's ___________ account will have a debit balance.
15. Accounts _____________ is a balance sheet account with a credit balance.