Accounting Drills - Basic

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

• Balance Sheet

• Income Statement

• Statement of Cash Flows

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

• Balance Sheet

• Income Statement

• Statement of Cash Flows

Under the accrual basis of accounting, revenues are reported int he accounting period when the

• cash is received

• service or goods have been delivered

Under the accrual basis of accounting, expenses are reported in the accounting period when the

• cash is paid

• expense matches the revenues

Revenue minus Expense equals

• Current Capital

• Net Income (Loss)

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

• assets

• liabilities

• capital

Assets are usually reported on the balance sheet at which amount?

• cost

• current market value

• expected selling price

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

• assets

• liabilities

• capital

Liabilities often have the word (xxxxxxx) in their account title

• receivable

• payable

Unearned revenues is what type of account

• asset

• liability

• capital