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Cards In This Set
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1) What is the expanded accounting equation
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Assets=Liabilities+Common Stock+Retained Earnings+Revenue-Dividends-Expenses
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2) Where does Accumulated Depreciation go under the expanded accounting equation
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as a credit (+) and as a contra asset account
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3) Where is Accumulated Depreciation posted on an asset T account
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credit ( + ) side: as a contra asset
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4) Under Assets in the expanded accounting equation, for debit and credit, which is positive and negative?
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Debit is negative, Credit is positive
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5) Under Liabilities in the expanded accounting equation, for debit and credit, which is positive and negative?
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Debit is negative, Credit is positive
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6) Under Common Stock in the expanded accounting equation, for debit and credit, which is positive and negative?
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Debit is negative, Credit is positive
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7) Under Retained Earnings in the expanded accounting equation, for debit and credit, which is positive and negative?
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Debit is negative, Credit is positive
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8) Under Revenue in the expanded accounting equation, for debit and credit, which is positive and negative?
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Debit is negative, Credit is positive
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9) Under Dividends in the expanded accounting equation, for debit and credit, which is positive and negative?
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Debit is positive, Credit is negative
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10) Under Expenses in the expanded accounting equation, for debit and credit, which is positive and negative?
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Debit is positive, Credit is negative
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11) Under Contra Asset Account in the expanded accounting equation, for debit and credit, which is positive and negative?
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Debit is negative, Credit is positive
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12)
Assets is/are positive or negative in the expanded accounting equation?
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Positive
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13) Liabilities is/are positive or negative in the expanded accounting equation?
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Positive
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14) Common Stock is/are positive or negative in the expanded accounting equation?
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Positive
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15) Retained Earnings is/are positive or negative in the expanded accounting equation?
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Positive
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