The Expenses account normally has this type of balance.
What is Debit ?
100
The GAAP that says that the accounting for a business or organization be kept seperate from the personal affairs of it's owner.
What is The Business Entity Concept.
100
The only types of accounts on the income statment.
What is Revenue and Expenses ?
100
Bought supplies and paid in cash.
What is debit supplies and credit bank ?
200
The Capital account normally has this type of balance.
What is Credit ?
200
The GAAP that states thats all information needed for a full understanding of a company's financial statements must be included with the financial statements.
What is The Full Disclosure Principle?
200
You show adjustments of this type of Financial Statement.
What is the 8 colum work sheet ?
200
Performed a servie for a customer who will pay at a later date.
What is debit accouts receivable and credit revenue?
300
The Revenue account normally has this type of balance.
What is Credit ?
300
The concept that provides that accounting take place over specific time periods known as fiscal periods.
What is The Time Period Concept ?
300
Comparing and converting 2 companies dollar amounts to percentages is done on this statement.
What is The commom-size income statment ?
300
Paid $50 cash for gasoline for the company truck.
What is Debit truck expense and credit bank ?
400
The accum. dep.- truck account normally has this type of balance.
What is Credit ?
400
This principle states that accounting will be recorded on the basis of objective evidence.
What is The Objectivity Principle?
400
On this financial statement assest are broken up into categories of current assests and fixed assets.
What is a Balance sheet ?
500
The accum. dep.- truck expense normally has this type of balance.
What is Debit ?
500
This principle requires that a business must use the same accounting methods and procedures from period to period.
What is The Consistency Principle ?
500
A financial statement where debit accounts and credit accounts are seperated to make sure they have the same balancing figure.