Discussion Topics

• Topic 1

(a) Define the term Debit and the term Credit

(b) What categories/classes of accounts increase on the Debit?

(c) What categories of accounts decrease on the Debit.

(d) In a double-entry system, if an account is Debited, what must be the second account ?

(e) What is the purpose of footing an account?

• Topic 2

(a) What is a trial balance?

(b) The accounts in the trial balance are listed in what order?

(c) What is the income statement? What types of accounts go into it?

(d) Define the General Journal

(e) Define the general ledger. What is posting?