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The financial statement that reports the revenues and expenses for a period of time such as a year or a month is the
What is the Income Statement
Resources owned by a company (such as cash, accounts receivable, vehicles) are reported on the balance sheet and are referred to as
What is Assets
Accounting entries involve a minimum of how many accounts?
What is two accounts
When cash is received, the account Cash will be
What is debited
Entries to revenues accounts such as Service Revenues are usually
What is credits
The financial statement that reports the assets, liabilities, and stockholders' (owner's) equity at a specific date is the
What is the Balance Sheet
Assets are usually reported on the balance sheet at which amount?
The listing of all of the accounts available for use in a company's accounting system is known as the
__________.
What is Chart Of Accounts
When a company pays a bill, the account Cash will be?
What is credited
Define Cash Basis
What is reporting revenue when cash is received
Under the accrual basis of accounting, revenues are reported in the accounting period when the
What is Service Or Goods Have Been Delivered
Obligations (amounts owed) are reported on the balance sheet and are referred to as
What is Liabilities
Assets minus liabilities equals
__________.
What is stockholders' equity or owner's equity
What will usually cause an asset account to increase?
What is debit
refers to the direct costs of producing the goods sold by a company.
What is Cost Of Goods Sold
Under the accrual basis of accounting, expenses are reported in the accounting period when the
What is when Expense Matches The Revenues Or Is Used Up
Liabilities often have the word
__________
in their account title.
What is payables
Which term is associated with "left" or "left-side"?
What is Debit
What will usually cause the liability account Accounts Payable to increase?
What is credit
works as a central repository for accounting data transferred from all subledgers or modules like accounts payable, accounts receivable, cash management, fixed assets, purchasing and projects.
What is the General Ledger
Revenues minus expenses equals
What is Net Income
Unearned Revenues is what type of account?
What is liability account
Which term is associated with "right" or "right-side"?
What is Credit
Entries to expenses such as Rent Expense are usually
What is debits
VAT
What is Value-Added Tax