Flashcards in Accounting Basics Deck (15)
The financial statement that reports the revenues and expenses for a period of time such as a year or a month...
The financial statement that reports the assets, liabilities, and stockholders' (owner's) equity at a specific date is the....
Under the accrual basis of accounting, revenues are reported in the accounting period when the...
Service or goods have been delivered
Under the accrual basis of accounting, expenses are reported in the accounting period when the...
Expense matches the revenues or is used up
Assets are usually reported on the balance sheet at which amount?
-this is due to the "Cost Principle"
Unearned Revenues is what type of account?
- because the co. still has to provide the product or service
Accounting entries involve a minimum of how many accounts?
-because of "double-entry", every transaction will affect at least two accounts.
Which term is associated with "left" or "left-side"?
Which term is associated with "right" or "right-side"?
When can is received, the account Cash will be...
When a co. pays a bill, the account Cash will be...
What will usually cause an asset account to increase?
What will usually cause the liability account Accounts Payable to increase?
Entries to expenses such as Rent Expenses are usually...