BASIC ACCOUNTING

Any amounts owed by a business and reported on the balance sheet are referred to as ________________.

• assets
• liabilities
• profit
• expenses

The basic accounting equation is Assets=Liabilities + _______________________.

• Income
• Owner's Equity
• Expenses
• Profit

Accounting is referred to as the "language of ___________________."

• profit
• life
• accounting
• business

Planning, recording, analyzing, and interpreting financial information

• accounting
• ethics
• transaction
• revenue

Revenues minus expenses equals _____________________.
(Revenues-Expenses = _______________)

• Profit
• Overhead
• Income
• None of the above

The left side of a T-Account is called

• Debit
• Credit
• Left Side
• Right Side

The name given to an account

• account title
• capital
• expense
• revenue

Anything of value that is owned

• account
• asset
• withdrawal
• expense

An entry recording on the Right-hand side or column of an account is called _______

• Debit

• Credit

• Accrual

It is the art of analyzing financial transactions and economic events, recording them, classifying them into accounts, summarizing them, reporting, and interpreting the results.

• Bookkeeping

• Journalizing

• Accounting

• Auditing