Resources:

• text, chapters #3 & 4;

• Handout: Debit-Credit Handout;

• Handout: Using Accounts Practice Quiz

Practice:

• Debit-Credit Theory and Accounts Practice Quiz
• Debit-Credit Theory and Accounts Practice Quiz Answer Key

Requirements:

In order to successfully complete the 3A Accounting test on chapter #3, the student should be able to perform the following tasks:

• explain the function and structure of the basic T-account;

• demonstrate an understanding of debit/credit theory by placing opening balances within asset, liability or owner's equity accounts;

• define any of the following concepts:
  • account,
  • debit,
  • credit,
  • account balance, and
  • ledger;

• demonstrate an understanding of debit/credit theory by recording transactions within any variety of asset and liability accounts, as well as owner's equity changes within the Capital account;

• complete a trial balance using the final balances from either T-accounts or from a Transaction Summary table;

• indicate the current balance of an asset, liability, or owner's equity account;
• prepare a Trial Balance.

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