Accounting Basics

Front

The financial statement that reports the revenues and expenses for a period of time such as a year or a month is the:

Back

Income Statement

Front

The financial statement that reports the assets, liabilities, and stockholders' (owner's) equity at a specific date is the:

Back

Balance Sheet

Front

Under the accrual basis of accounting, revenues are reported in the accounting period when the: Cash is Received, Service or Goods Have Been Delivered, End of the Month Has Arrived, Customer Pays

Back

Service or Goods Have Been Delivered

Front

Resources owned by a company (such as cash, accounts receivable, vehicles) are reported on the balance sheet and are referred to as __________.

Back

Assets

Front

Assets are usually reported on the balance sheet at which amount? Options: Cost, Current Market Value, Expected Selling Price, None of These

Back

Cost

Front

Obligations (amounts owed) are reported on the balance sheet and are referred to as __________.

Back

Liabilities

Front

Liabilities often have the word __________ in their account title.

Back

Payable

Front

Unearned Revenues is what type of account? Options: Asset, Liability, Stockholders' Equity

Back

Liability

Front

Accounting entries involve a minimum of how many accounts? Options: One, Two, Three, Four

Back

Two

Front

The listing of all of the accounts available for use in a company's accounting system is known as the __________.

Back

Chart of Accounts