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- Multiple ChoicePlease save your changes before editing any questions.The financial statement that reports the revenues and expenses for a period of time such as a year or a month is the:Balance SheetIncome StatementStatement of Cash FlowsNone of These
- Multiple ChoicePlease save your changes before editing any questions.The financial statement that reports the assets, liabilities, and stockholders' (owner's) equity at a specific date is the:Balance SheetIncome StatementStatement of Cash FlowsCash Statement
- Multiple ChoicePlease save your changes before editing any questions.Under the accrual basis of accounting, revenues are reported in the accounting period when the:Cash is ReceivedService or Goods Have Been DeliveredEnd of the Month Has ArrivedCustomer Pays
- Multiple ChoicePlease save your changes before editing any questions.Resources owned by a company (such as cash, accounts receivable, vehicles) are reported on the balance sheet and are referred to as __________.AssetsLiabilitiesOwner EquityEquity
- Multiple ChoicePlease save your changes before editing any questions.Assets are usually reported on the balance sheet at which amount?CostCurrent Market ValueExpected Selling PriceNone of These
- Multiple ChoicePlease save your changes before editing any questions.Obligations (amounts owed) are reported on the balance sheet and are referred to as __________.AssetsLiabilitiesDebtOwner Equity
- Multiple ChoicePlease save your changes before editing any questions.Liabilities often have the word __________ in their account title.AssetsPayablePaidEquity
- Multiple ChoicePlease save your changes before editing any questions.Unearned Revenues is what type of account?AssetLiabilityStockholders' Equity
- Multiple ChoicePlease save your changes before editing any questions.Accounting entries involve a minimum of how many accounts?OneTwoThreeFour
- Multiple ChoicePlease save your changes before editing any questions.The listing of all of the accounts available for use in a company's accounting system is known as the __________.Chart of AccountsJournalLedgerCredit Ledger
- Multiple ChoicePlease save your changes before editing any questions.Which term is associated with "left" or "left-side"?DebitCreditPlusMinus
- Multiple ChoicePlease save your changes before editing any questions.Which term is associated with "right" or "right-side"?DebitCreditPlusMinus
- Multiple ChoicePlease save your changes before editing any questions.When cash is received, the account Cash will beDebitedCredited
- Multiple ChoicePlease save your changes before editing any questions.When a company pays a bill, the account Cash will beDebitedCredited
- Multiple ChoicePlease save your changes before editing any questions.What will usually cause an asset account to increase?DebitCredit
- Multiple ChoicePlease save your changes before editing any questions.What will usually cause the liability account Accounts Payable to increase?DebitCredit
- Multiple ChoicePlease save your changes before editing any questions.Entries to expenses such as Rent Expense are usuallyDebitsCredits
- Multiple ChoicePlease save your changes before editing any questions.Entries to revenues accounts such as Service Revenues are usuallyDebitsCredits
- Multiple ChoicePlease save your changes before editing any questions.Under the accrual basis of accounting, expenses are reported in the accounting period when theCash is PaidExpense Matches the Revenues or is Used up
- Multiple ChoicePlease save your changes before editing any questions.Revenues minus expenses equals:AssetsLiabilitiesOwner EquityNet Income