Accounting Review Chapter 4
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Choose Your Topic
• Debits• Credits
Debits are on what side of the T-Account?
• Left• Right
What side to Debits increase on?
• Right or credit side• Left or debit side
Which statement is true about Debit/Asset accounts?
• All asset accounts have a debit increase side
• You can only have 3 asset accounts• Not all asset accounts have a debit incre
ase side• You always add to asset accounts
What do debits increase?
• Common Stock• Assets• Liabilities• Owner’s Equity
Which account is not a debit increase account?
• Accounts Payable• Accounts Receivable• Land• Expenses
If you bought supplies on account what would the transaction look
like?• Decrease to supplies, increase to accoun
ts payable• Increase to supplies, increase to
accounts payable• Decrease to supplies, decrease to accou
nts payable• Increase to supplies, decrease to accoun
ts payable
What is the Credit side of the T-Account?
• Left • Right
What side do credits increase on?
• Right or credit side• Left or debit side
What do credits decrease?
• Assets• Retained Earnings• Liabilities• Common Stock
Which account is not a credit decrease account?
• Supplies• Accounts Receivable • Retained Earnings• Land
If you bought Common Stock for cash what would the transaction
be?• Decrease to common stock, decrease to
cash• Increase to common stock, decrease to c
ash• Increase to common stock, increase to c
ash• Decrease to common stock, increase to
cash
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Finished
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