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Definition
The financial statement that reports the revenues and expenses for a period of time such as a year or a month is the.
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The financial statement that reports the assets, liabilities, and stockholders' (owner's) equity at a specific date is the |
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| service or goods have been delivered |
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Definition
| Under the accrual basis of accounting, revenues are reported in the accounting period when the |
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| expense matches the revenues or is used up |
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| Under the accrual basis of accounting, expenses are reported in the accounting period when the |
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Definition
| Revenues minus expenses equals |
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Definition
| Resources owned by a company (such as cash, accounts receivable, vehicles) are reported on the balance sheet and are referred to as |
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Definition
| Obligations (amounts owed) are reported on the balance sheet and are referred to as |
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Definition
| Liabilities often have the word ________________ in their account title. |
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Definition
| Assets are usually reported on the balance sheet at which amount? |
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Definition
| Unearned Revenues is what type of account? |
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Term
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Definition
| Accounting entries involve a minimum of how many accounts? |
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Term
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Definition
| The listing of all of the accounts available for use in a company's accounting system is known as the _____________ ___ _______________. |
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Stockholder's equity or owner's equity
(net assets if a nonprofit). |
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Definition
| Assets minus liabilities equals ______________________ _____________. |
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Definition
| Which term is associated with "left" or "left-side"? |
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Definition
| Which term is associated with "right" or "right-side"? |
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Definition
| When cash is received, the account Cash will be |
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Definition
| When a company pays a bill, the account Cash will be |
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Definition
| What will usually cause an asset account to increase? |
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Definition
| What will usually cause the liability account Accounts Payable to increase? |
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Definition
| Entries to expenses such as Rent Expense are usually |
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Definition
| Entries to revenues accounts such as Service Revenues are usually |
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