The financial statement that reports the revenues and expenses for a period of time such as a year or a month is the Balance Sheet Income Statement Statement Of Cash Flows
The financial statement that reports the assets, liabilities, and stockholders’ (owner’s) equity at a specific date is the Balance Sheet Income Statement Statement Of Cash Flows
Under the accrual basis of accounting, revenues are reported in the accounting period when the Cash Is Received Service Or Goods Have Been Delivered
Under the accrual basis of accounting, expenses are reported in the accounting period when the Cash Is Paid Expense Matches The Revenues Or Is Used Up
Revenues minus expenses equals __________.
Resources owned by a company (such as cash, accounts receivable, vehicles) are reported on the balance sheet and are referred to as __________.
Assets are usually reported on the balance sheet at which amount? Cost Current Market Value Expected Selling Price
Obligations (amounts owed) are reported on the balance sheet and are referred to as __________.
Liabilities often have the word __________ in their account title.
Unearned Revenues is what type of account? Asset Liability Stockholders’ (Owner’s) Equity
Accounting entries involve a minimum of how many accounts? One Two Three
Answers on page 4 You will find an interactive version of these quizzes on AccountingCoach.com.
For personal use by the original purchaser only. Copyright © AccountingCoach®.com.
The listing of all of the accounts available for use in a company’s accounting system is known as the __________.
Assets minus liabilities equals __________.
Which term is associated with “left” or “left-side”? Debit Credit
Which term is associated with “right” or “right-side”? Debit Credit
When cash is received, the account Cash will be Debited Credited
When a company pays a bill, the account Cash will be Debited Credited
What will usually cause an asset account to increase? Debit Credit
What will usually cause the liability account Accounts Payable to increase? Debit Credit
Entries to expenses such as Rent Expense are usually Debits Credits
Entries to revenues accounts such as Service Revenues are usually