Accounting Wrap Up

Assets increase on the ________ side?

• subsidiary

• T-account

• credit

• debit

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
• None of These

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
• Cash Statement

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

• Assets
• Liabilities
• Owner Equity
• Equity

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

• Assets
• Liabilities
• Debt
• Owner Equity

Liabilities often have the word __________ in their account title.

• Assets
• Payable
• Paid
• Equity

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

• Chart of Accounts
• Journal
• Ledger
• Credit Ledger

Which term is associated with "left" or "left-side"?

• Debit
• Credit
• Plus
• Minus

Which term is associated with "right" or "right-side"?

• Debit
• Credit
• Plus
• Minus

When cash is received, the account Cash will be

• Debited
• Credited