Unit 5
Accounting and Finance Foundations Unit 5: Accounting Terminology 372Accounting Terminology
Chapter 14
Student Assignment
Lesson 14.7 Classification of Accounts and
Normal BalancesMatch the description with the BEST answer. You may use the answers more than once.
A. Increase D. Liability G. Expense
B. Decrease E. Capital H. Debit
C. Asset F. Revenue I. Credit- A debit to a revenue will __ the revenue account.
- Prepaid insurance is classified as a(n) __.
- To increase an asset you have to __.
- A __ will decrease Accounts Payable.
- A debit to Utilities Expense will __ the expense account.
- The normal balance of the drawing account is __.
- The normal balance is the __ side of the account.
- An accounts receivable is decreased with a __.
- An investment by the owner will __ Capital.
- To increase Accounts Payable you must __ the Accounts Payable account.
- The normal balance for Accounts Receivable is __.
- A __ will increase the Drawing account.
- An expense has a normal balance of __.
- If the owner withdraws money for personal use, the withdrawal will __ the Drawing
account. - A(n) __ will cause Capital to be increased.
- Credits to Cash will __ the Cash account.
- An investment by the owner will increase __.
- A debit to rent expense will __ the rent expense account.
- When a customer pays on their account, this will __ their balance owed.
- Anything of value that is owned is considered to be a(n) __.
- Anything owed by a company is considered to be a(n) __.
- Owner investing money into the company will __ the __ account.
- Cash paid to cover advertising expense will __ the cash account and __ the
advertising expense account. - Cash paid on Accounts Payable will __ cash and __ accounts payable.
- Accounts Receivable is a(n) __.
- Accounts Payable is a(n) __.
- The normal balance for an asset account is __.
- The normal balance for drawing account is __.
- When an owner withdraws money for personal use, s/he is drawing on __ account.