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1. An account is made up of which three characteristics? a. A title, the left side (debit side), and the right side (credit side). b. The T account, the left side (debit side), and the right side (credit side). c. A title, the T account and the right side (credit side). d. A title, the left side (debit side) and the T account. 23514 2. There are 5 major types of accounts. They are: a. Assets, Liabilities, Drawing, Revenue, and Expenses b. Assets, Drawing, Owners Equity, Revenue and Expenses C. Assets, Liabilities, Owners Equity, Revenue and Expenses d. Drawing, Liabilities, Owners Equity, Revenue and Expenses 23515 3. Every transaction affects at least two accounts. An initial investment of cash in an organization is recorded with: a. Debit to Cash, and a Credit to Owners Equity b. Debit to Owners Equity, and a Credit to Cash c. Debit to Cash, and a Credit to Accounts Payable. d. Debit to Liability, and a Credit to Cash
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Answer : b. The T account. The left side (debit side), and the right side (credit side) Notes: Debit Credit Answer c. Assets, liabilities, Owners Equity, Revenue and Expenses Notes: In an financial statements there are majorly involues 5 accoounts they are Assets, Liabilities, Owners Equity, Revenues and Expenses. Answer a. Debit to Cash, and a Credit to Owners Equity. Notes: Journal Entry Account titles and Explanation Debit Credit Cash Owners Equity (Being amount invested in to a business recorded)

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