BAT4M1 - Introductory Week

When would you credit the Capital (Owner's Equity) account?

The short form for Generally Accepted Accounting Principles is ______________?

Cash is _____________!

Jordan recorded the price of his shoes for what he thinks they are worth. What principle did he violate?

Liabilities are ordered on the balance sheet in terms of:

Drawings has a ____________ Normal Balance

Revenues decrease Owner's Equity and Expenses increase Owner's Equity.

Debits are on the __________ Credits on the ___________.

Assets are ordered on the Balance Sheet in terms of:

Expenses always have a __________ balance.

As an owner, if you purchased gas for your car with a business debit card you would ....

The CRA is....

Which business form is a separate legal entity from its owners?

All final totals in Accounting need a what?

_____________ - Liabilities = Owners Equity

The ______________ account would tell me the worth of the business

When issuing a sales invoice the account DEBITED would be ______.

The assumption that the business will continue instead of being closed or sold.

Revenues always have a ____________ Balance