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Instructions for Side by Side Printing
  1. Print the notecards
  2. Fold each page in half along the solid vertical line
  3. Cut out the notecards by cutting along each horizontal dotted line
  4. Optional: Glue, tape or staple the ends of each notecard together
  1. Verify Front of pages is selected for Viewing and print the front of the notecards
  2. Select Back of pages for Viewing and print the back of the notecards
    NOTE: Since the back of the pages are printed in reverse order (last page is printed first), keep the pages in the same order as they were after Step 1. Also, be sure to feed the pages in the same direction as you did in Step 1.
  3. Cut out the notecards by cutting along each horizontal and vertical dotted line
To print: Ctrl+PPrint as a list

28 notecards = 7 pages (4 cards per page)

Viewing:

Accounting Test 1

front 1

normal balance

back 1

The side of an account that is increased.

front 2

double-entry accounting

back 2

A system in which each transaction has a dual effect on the accounting elements

front 3

normal balance for assets, expenses, & drawing accounts

back 3

debit balance

front 4

normal balance for liability, owner's equity, and revenue accounts

back 4

credit balance

front 5

to enter an amount on the left side of an account

back 5

debit

front 6

to enter an amount on the right side of an account

back 6

credit

front 7

What 3 questions should be asked in every transaction analysis

back 7

1. What happened?
2. What accounts are affected?
3. How is the account affected?

front 8

Accounting equation

back 8

Assets=Liabilities + Owner's Equity

front 9

What are 3 commonly prepared financial statements?

back 9

Income Statement, Statement of owner's equity, & Balance Sheet

front 10

Assets (+)

back 10

debit

front 11

Assets (-)

back 11

Credit

front 12

Liability (+)

back 12

credit

front 13

Liability (-)

back 13

debit

front 14

Owner's equity (+)

back 14

credit (rarely are there credits)

front 15

Owner's equity (-)

back 15

debit (same thing as a draw)

front 16

Expenses (+)

back 16

debit

front 17

Expenses (-)

back 17

credit (very rare)

front 18

3 parts of T accounts

back 18

Account, debits, & credits

front 19

total of each side of T accounts

back 19

footings

front 20

difference in footings in credits and debits

back 20

balance of account

front 21

where is balance of account written

back 21

side with larger footing

front 22

Assets

back 22

cash, accounts receivable, equipment, buildings, land

front 23

Liabilities

back 23

accounts payable, notes payable

front 24

owner's equity

back 24

owner's investment, revenue, & expense items

front 25

Trial Balance

back 25

listing of all accounts and their balances,totaling dr. and cr. prooving they equal, & is prepared as an aid in preparing financial statements

front 26

What should be included in the heading of trial balance?

back 26

Name of Company, Type of document "Trial Balance", & date of trial balance

front 27

In what order are the accounts listed on a Trial Balnace?

back 27

Assets, Liabilities, Owner's Equity,Revenue accounts, & last the expense accounts

front 28

Wow do you know if you completed a Trial Balance correctly

back 28

Debits = Credits