Accounting Chapter 3 Questions With Accurate
Solutions
CLASSIFICATION - CORRECT ANSWERa means of identifying each account as an
asset, liability or owners equity
asset accounts show - CORRECT ANSWERthe property a business owns
Accounting Chapter 3 Questions With Accurate
Solutions
CLASSIFICATION - CORRECT ANSWER✅✅✅a means of identifying each account as an
asset, liability or owners equity
asset accounts show - CORRECT ANSWER✅✅✅the property a business owns
liability accounts show - CORRECT ANSWER✅✅✅the debts of the business
owner equity accounts show - CORRECT ANSWER✅✅✅the owners financial interest in
the business
account - CORRECT ANSWER✅✅✅a device for recording the changes in the fundamental
accounting elements
chart of accounts - CORRECT ANSWER✅✅✅a list of the accounts used by a business to
record its financial transactions
a chart of accounts shows the account name and the account number (account number is assigned
based on the type of account - CORRECT ANSWER✅✅✅assets-begin with the number 1
liabilities- begin with the number 2
owners equity- begin with the number 3
revenue- begin with the number 4
expenses- begin with the number 5
debt and credit side of a T account - CORRECT ANSWER✅✅✅debt is the left side
credit is the right side
capital - CORRECT ANSWER✅✅✅is an owners equity account
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller STANGRADES. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.99. You're not tied to anything after your purchase.