• Question: I’m always on the left, never on the right. What am I?
• Answer: Debit
• Question: I’m the counterpart of debit, balancing the scales. What am I?
• Answer: Credit
• Question: I record what’s owed, but not yet paid. What do I represent?
• Answer: Accounts Receivable
• Question: I’m the fund saved for rainy days. What do you call me?
• Answer: Reserve
• Question: I keep track of money we’ve already spent. What’s my name?
• Answer: Expense
• Question: I’m the money owed to others. What term describes me?
• Answer: Accounts Payable
• Question: I document assets minus liabilities. What’s my title?
• Answer: Equity
• Question: I’m the value of what we own. What do they call me?
• Answer: Asset
• Question: I’m the account that tracks money owed by customers. What am I?
• Answer: Accounts Receivable
• Question: I’m the entry that closes revenue accounts. What do they call me?
• Answer: Revenue Closing Entry
• Question: I’m the account representing what we owe to suppliers. What’s my name?
• Answer: Accounts Payable
• Question: I document the funds invested by owners. What am I?
• Answer: Owner’s Equity
• Question: I summarize revenue and expense accounts. What am I called?
• Answer: Income Statement
• Question: I’m the account recording money spent on equipment. What do they name me?
• Answer: Equipment Account
• Question: I record the cost of goods sold. What am I?
• Answer: Cost of Goods Sold Account
• Question: I document the amount received from customers. What am I?
• Answer: Cash Receipts Account
• Question: I’m the entry that closes expense accounts. What’s my title?
• Answer: Expense Closing Entry
• Question: I represent the worth of what we owe to creditors. What am I?
• Answer: Liability Account
• Question: I summarize the financial position of a company. What do they call me?
• Answer: Balance Sheet
• Question: I’m the account tracking money paid to employees. What’s my name?
• Answer: Payroll Expense Account

• Question: I’m the initial entry into a T-account. What do they call me?
• Answer: Opening Balance
• Question: I represent the worth of tangible items owned by a company. What am I?
• Answer: Fixed Asset
• Question: I document the cost of services provided but not yet invoiced. What am I called?
• Answer: Accrued Revenue
• Question: I’m the entry made to record the transfer of funds from one account to another. What’s my name?
• Answer: Transfer Entry
• Question: I document the portion of a liability that’s due within a year. What do they name me?
• Answer: Current Liability
• Question: I’m the entry used to close revenue accounts. What’s my title?
• Answer: Revenue Closing Entry
• Question: I represent the worth of intangible assets like patents and trademarks. What am I?
• Answer: Intangible Asset
• Question: I document the decrease in value of an asset over time. What am I called?
• Answer: Depreciation Expense
• Question: I’m the account recording the initial investment made by owners. What do they call me?
• Answer: Capital Account
• Question: I document the increase in value of an asset due to appreciation. What am I?
• Answer: Appreciation Account
• Question: I represent the funds withdrawn by owners for personal use. What am I called?
• Answer: Drawings Account
• Question: I’m the entry made to record the payment of dividends to shareholders. What’s my name?
• Answer: Dividend Payment Entry
• Question: I document the amount owed for goods or services purchased on credit. What am I?
• Answer: Accounts Payable
• Question: I represent the worth of what’s left for owners after liabilities are deducted. What am I?
• Answer: Owner’s Equity
• Question: I document the expenses incurred but not yet paid. What am I called?
• Answer: Accrued Expense
• Question: I’m the account recording money paid for insurance coverage. What do they name me?
• Answer: Insurance Expense Account
• Question: I represent the worth of goods available for sale. What am I?
• Answer: Inventory Account
• Question: I document the increase in value of an asset due to improvements. What am I called?
• Answer: Capital Expenditure
• Question: I’m the entry used to close expense accounts. What’s my title?
• Answer: Expense Closing Entry
• Question: I represent the portion of a company’s profits allocated to each outstanding share of stock. What am I?
• Answer: Earnings Per Share (EPS)

Another T-account riddles

• Question: I represent the worth of investments in other companies. What am I?
• Answer: Investment Account
• Question: I document the funds received from issuing stock. What do they call me?
• Answer: Common Stock Account
• Question: I’m the account recording the payment of interest on loans. What am I called?
• Answer: Interest Expense Account
• Question: I represent the worth of goods or services consumed in the production process. What am I?
• Answer: Manufacturing Overhead Account
• Question: I document the amount owed to employees for work done. What am I called?
• Answer: Wages Payable
• Question: I’m the account used to track the cost of goods purchased for resale. What’s my name?
• Answer: Purchases Account
• Question: I represent the funds invested in short-term securities. What am I?
• Answer: Marketable Securities Account
• Question: I document the payment made to suppliers for inventory purchases. What am I called?
• Answer: Accounts Payable
• Question: I’m the account recording the expense of advertising campaigns. What do they call me?
• Answer: Advertising Expense Account
• Question: I represent the portion of a long-term liability due within a year. What am I?
• Answer: Current Portion of Long-Term Debt
• Question: I document the funds received from selling goods or services. What am I called?
• Answer: Sales Revenue Account
• Question: I’m the account tracking the cost of raw materials used in production. What’s my name?
• Answer: Raw Materials Inventory Account
• Question: I represent the worth of equipment that’s no longer in use. What am I?
• Answer: Accumulated Depreciation
• Question: I document the funds borrowed from a bank. What am I called?
• Answer: Notes Payable
• Question: I’m the account recording the cost of goods returned by customers. What do they call me?
• Answer: Sales Returns and Allowances
• Question: I represent the portion of revenue earned but not yet received in cash. What am I?
• Answer: Unearned Revenue
• Question: I document the amount owed for rent on leased properties. What am I called?
• Answer: Rent Expense Account
• Question: I’m the account tracking the cost of goods manufactured. What’s my name?
• Answer: Work in Process Inventory Account
• Question: I represent the worth of accounts receivable that are expected to be uncollectible. What am I?
• Answer: Allowance for Doubtful Accounts
• Question: I document the funds paid to suppliers for goods or services. What am I called?
• Answer: Accounts Payable

• Question: I represent the worth of goods held for sale in the ordinary course of business. What am I?
• Answer: Inventory Account
• Question: I document the amount owed to the government for taxes. What am I called?
• Answer: Tax Payable Account
• Question: I’m the account recording the cost of renting office space. What do they call me?
• Answer: Rent Expense Account
• Question: I represent the funds received from issuing bonds. What am I?
• Answer: Bonds Payable Account
• Question: I document the amount paid to shareholders as a return on their investment. What am I called?
• Answer: Dividends Account
• Question: I’m the account used to track the cost of goods manufactured but not yet sold. What’s my name?
• Answer: Finished Goods Inventory Account
• Question: I represent the value of equipment used in the production process. What am I?
• Answer: Plant and Equipment Account
• Question: I document the funds received from customers in advance of providing goods or services. What am I called?
• Answer: Unearned Revenue
• Question: I’m the account recording the cost of shipping products to customers. What do they call me?
• Answer: Freight Expense Account
• Question: I represent the value of patents and copyrights owned by a company. What am I?
• Answer: Intellectual Property Account
• Question: I document the reduction in value of an asset due to wear and tear. What am I called?
• Answer: Amortization Expense
• Question: I’m the account tracking the cost of labor used in production. What’s my name?
• Answer: Direct Labor Account
• Question: I represent the funds received from customers for goods or services provided. What am I?
• Answer: Accounts Receivable
• Question: I document the amount owed for utilities such as electricity and water. What am I called?
• Answer: Utilities Expense Account
• Question: I’m the account recording the cost of goods purchased for resale but not yet sold. What’s my title?
• Answer: Merchandise Inventory Account
• Question: I represent the value of long-term investments in stocks and bonds. What am I?
• Answer: Securities Investment Account
• Question: I document the amount owed to suppliers for goods or services purchased on credit. What am I called?
• Answer: Trade Payables Account
• Question: I’m the account tracking the cost of insurance premiums paid in advance. What do they call me?
• Answer: Prepaid Insurance Account
• Question: I represent the worth of goods or services provided to customers on credit. What am I?
• Answer: Accounts Receivable
• Question: I document the funds paid to shareholders for their ownership stake. What am I called?
• Answer: Stock Dividends Account

Getting over with T-account riddles

• Question: I represent the worth of prepaid expenses that will be used up over time. What am I?
• Answer: Prepaid Expense Account
• Question: I document the amount owed for professional services provided. What am I called?
• Answer: Accounts Payable
• Question: I’m the account recording the cost of training programs for employees. What do they call me?
• Answer: Training Expense Account
• Question: I represent the value of land owned by a company. What am I?
• Answer: Land Account
• Question: I document the funds borrowed from individuals or organizations. What am I called?
• Answer: Notes Payable
• Question: I’m the account tracking the cost of goods sold but not yet paid for. What’s my name?
• Answer: Accounts Payable
• Question: I represent the value of vehicles owned by a company. What am I?
• Answer: Vehicle Account
• Question: I document the amount owed for legal fees incurred. What am I called?
• Answer: Legal Expense Account
• Question: I’m the account recording the cost of materials used in production. What do they call me?
• Answer: Materials Inventory Account
• Question: I represent the funds received from customers for services not yet provided. What am I?
• Answer: Unearned Revenue
• Question: I document the amount owed for repairs and maintenance services. What am I called?
• Answer: Repair and Maintenance Expense Account
• Question: I’m the account tracking the cost of goods manufactured but not yet completed. What’s my name?
• Answer: Work in Process Inventory Account
• Question: I represent the value of office supplies held for future use. What am I?
• Answer: Office Supplies Account
• Question: I document the funds paid to shareholders for their investment in the company. What am I called?
• Answer: Stock Dividends Account
• Question: I’m the account recording the cost of research and development activities. What do they call me?
• Answer: Research and Development Expense Account
• Question: I represent the funds received from customers for future services to be rendered. What am I?
• Answer: Deferred Revenue Account
• Question: I document the amount owed for royalties on intellectual property. What am I called?
• Answer: Royalty Expense Account
• Question: I’m the account tracking the cost of training programs for employees. What’s my name?
• Answer: Training Expense Account
• Question: I represent the value of copyrights owned by a company. What am I?
• Answer: Copyrights Account
• Question: I document the amount owed for advertising expenses incurred. What am I called?
• Answer: Advertising Expense Account