question

Accounts Payable

answer

Classification: Current Liability Financial Statement: Balance Sheet Normal Balance: Credit

question

Accounts Receivable

answer

Classification: Current Asset Financial Statement: Balance Sheet Normal Balance: Debit

question

Accumulated Depreciation- Buildings

answer

Classification: Plant Asset- Contra Financial Statement: Balance Sheet Normal Balance: Credit

question

Accumulated Depreciation- Equipment

answer

Classification: Plant Asset- Contra Financial Statement: Balance Sheet Normal Balance: Credit

question

Advertising Expense

answer

Classification: Operating Expense Financial Statement: Income Statement Normal Balance: Debit

question

Allowance for Doubtful Accounts

answer

Classification: Current Asset- Contra Financial Statement: Balance Sheet Normal Balance: Credit

question

Amortization Expense

answer

Classification: Operating Expense Financial Statement: Income Statement Normal Balance: Debit

question

Bad Debt Expense

answer

Classification: Operating Expense Financial Statement: Income Statement Normal Balance: Debit

question

Bonds Payable

answer

Classification: Long-Term Liability Financial Statement: Balance Statement Normal Balance: Credit

question

Buildings

answer

Classification: Plant Asset Financial Statement: Balance Sheet Normal Balance: Debit

question

Cash

answer

Classification: Current Asset Financial Statement: Balance Sheet Normal Balance: Debit

question

Common Stock

answer

Classification: Stockholder's Equity Financial Statement: Balance Sheet Normal Balance: Credit

question

Cost of Goods Sold

answer

Classification: Cost of Goods Sold Financial Statement: Income Statement Normal Balance: Debit

question

Depreciation Expense

answer

Classification: Operating Expense Financial Statement: Income Statement Normal Balance: Debit

question

Discount on Bonds Payable

answer

Classification: Long-Term Liability- Contra Financial Statement: Balance Sheet Normal Balance: Debit

question

Dividends

answer

Classification: Temporary Account closed to Retained Earnings Financial Statement: Retained Earnings Statement Normal Balance: Debit

question

Dividends Payable

answer

Classification: Current Liability Financial Statement: Balance Sheet Normal Balance: Credit

question

Equipment

answer

Classification: Plant Asset Financial Statement: Balance Sheet Normal Balance: Debit

question

Freight-Out

answer

Classification: Operating Expense Financial Statement: Income Statement Normal Balance: Debit

question

Income Tax Expense

answer

Classification: Income Tax Expense Financial Statement: Income Statement Normal Balance: Debit

question

Income Taxes Payable

answer

Classification: Current Liability Financial Statement: Balance Sheet Normal Balance: Credit

question

Insurance Expense

answer

Classification: Operating Expense Financial Statement: Income Statement Normal Balance: Debit

question

Interest Expense

answer

Classification: Other Expense Financial Statement: Income Statement Normal Balance: Debit

question

Interest Payable

answer

Classification: Current Liability Financial Statement: Balance Sheet Normal Balance: Credit

question

Interest Receivable

answer

Classification: Current Asset Financial Statement: Balance Sheet Normal Balance: Debit

question

Interest Revenue

answer

Classification: Other Income Financial Statement: Income Statement Normal Balance: Credit

question

Inventory

answer

Classification: Current Asset Financial Statement: Balance Sheet Normal Balance: Debit

question

Land

answer

Classification: Plant Asset Financial Statement: Balance Sheet Normal Balance: Debit

question

Maintenance and Repairs Expense

answer

Classification: Operating Expense Financial Statement: Income Statement Normal Balance: Debit

question

Notes Payable

answer

Classification: Current Liability/ Long-Term Liability Financial Statement: Balance Sheet Normal Balance: Credit

question

Paid-in Capital in Excess of Par- Common Stock

answer

Classification: Stockholder's Equity Financial Statement: Balance Sheet Normal Balance: Credit

question

Paid-in Capital in Excess of Par- Preferred Stock

answer

Classification: Stockholder's Equity Financial Statement: Balance Sheet Normal Balance: Credit

question

Preferred Stock

answer

Classification: Stockholder's Equity Financial Statement: Balance Sheet Normal Balance: Credit

question

Premium on Bonds Payable

answer

Classification: Long-Term Liability- Adjunct Financial Statement: Balance Sheet Normal Balance: Credit

question

Prepaid Insurance

answer

Classification: Current Asset Financial Statement: Balance Sheet Normal Balance: Debit

question

Prepaid Rent

answer

Classification: Current Asset Financial Statement: Balance Sheet Normal Balance: Debit

question

Rent Expense

answer

Classification: Operating Expense Financial Statement: Income Statement Normal Balance: Debit

question

Retained Earnings

answer

Classification: Stockholder's Equity Financial Statement: Balance Sheet and Retained Earnings Statement Normal Balance: Credit

question

Salaries and Wages Expense

answer

Classification: Operating Expense Financial Statement: Income Statement Normal Balance: Debit

question

Salaries and Wages Payable

answer

Classification: Current Liability Financial Statement: Balance Sheet Normal Balance: Credit

question

Sales Discounts

answer

Classification: Revenue- Contra Financial Statement: Income Statement Normal Balance: Debit

question

Sales Returns and Allowances

answer

Classification: Revenue- Contra Financial Statement: Income Statement Normal Balance: Debit

question

Sales Revenue

answer

Classification: Revenue Financial Statement: Income Statement Normal Balance: Credit

question

Selling Expenses

answer

Classification: Operating Expense Financial Statement: Income Statement Normal Balance: Credit

question

Service Revenue

answer

Classification: Revenue Financial Statement: Income Statement Normal Balance: Credit

question

Supplies

answer

Classification: Current Asset Financial Statement: Balance Sheet Normal Balance: Debit

question

Supplies Expense

answer

Classification: Operating Expense Financial Statement: Income Statement Normal Balance: Debit

question

Treasury Stock

answer

Classification: Stockholder's Equity Financial Statement: Balance Sheet Normal Balance: Debit

question

Unearned Service Revenue

answer

Classification: Current Liability Financial Statement: Balance Sheet Normal Balance: Credit

question

Utilities Expense

answer

Classification: Operating Expense Financial Statement: Income Statement Normal Balance: Debit

question

Accounting Formula

answer

Assets = Liabilities + Stockholder's Equity

question

Calculating Net Income

answer

Net Income = Revenues - Expenses

question

Calculating Ending Balance of Retained Earnings

answer

Beginning RE + Net Income - Dividends = Ending RE

question

Method of Accounting

answer

Accrual Method Cash Method

question

Calculating Interest

answer

Loan Account x Interest Rate x Period of Time

question

Kind of Inventory

answer

Periodic System Perpetual System

Accounting 181- Financial Accounting, Wiley 9th Edition – Flashcards

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