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- Multiple ChoicePlease save your changes before editing any questions.How would an accountant record an increase in cash?DebitCredit
- Multiple ChoicePlease save your changes before editing any questions.How would an accountant record an increase in sales?debitcredit
- Multiple ChoicePlease save your changes before editing any questions.Any amounts owed by a business and reported on the balance sheet are referred to as ________________.assetsliabilitiesprofitexpenses
- Multiple ChoicePlease save your changes before editing any questions.The basic accounting equation is Assets=Liabilities + _______________________.IncomeOwner's EquityExpensesProfit
- Multiple ChoicePlease save your changes before editing any questions.An increase in owner's equity resulting from the operation of a businessassetexpensewithdrawlrevenue
- Multiple ChoicePlease save your changes before editing any questions.
________________ is prepared at the end of the accounting period to show the financial position o f business
Profit & loss account
Balance sheet
Profit & loss statement
Satetment of financial position
- Multiple ChoicePlease save your changes before editing any questions.Accounting is referred to as the "language of ___________________."profitlifeaccountingbusiness
- Multiple ChoicePlease save your changes before editing any questions.______________________ is the transfer of journalized transactions to their accounts.PostingRecordingUpdatingJournalizing
- Multiple ChoicePlease save your changes before editing any questions.Planning, recording, analyzing, and interpreting financial informationaccountingethicstransactionrevenue
- Multiple ChoicePlease save your changes before editing any questions.A decrease in owner's equity resulting from the operation of a businessaccountcapitalassetexpense
- Multiple ChoicePlease save your changes before editing any questions.Financial reports that summarize the financial condition and operations of a businessfinancial statementsethicswithdrawalsequities
- Multiple ChoicePlease save your changes before editing any questions.Revenues minus expenses equals _____________________.
(Revenues-Expenses = _______________)ProfitOverheadIncomeNone of the above - Multiple ChoicePlease save your changes before editing any questions.The _____________________________ is one of the main financial statement and reports the assets, liabilities, and owner's equity at a specific point in time.Income StatementBalance SheetIncome WorksheetBalance Worksheet
- Multiple ChoicePlease save your changes before editing any questions.Accounting entries involve a minimum of how many accounts?0123
- Multiple ChoicePlease save your changes before editing any questions.When a company buys supplies on account, the cash account does what?IncreasesDecreasesStays the sameThere is no cash account