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

• Income Statement

• Balance Sheet/

  Statement of Financial Position

• Statement of Changes in Owner’s Equity

• Statement of Cash Flows

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

• Collected

• Earned

• Paid

• Earned and Collected

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

• Assets

• Capital/Equity

• Expenses

• Liabilities

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

• Accounting Elements

• Chart of Accounts

• Journal

• Ledger

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

• Credit

• Either Debit or Credit

• Debit

• None of these

When cash is received, the account Cash will be

• Debited

• Credited

• Debit or Credit

• No effects

These are the resources owned by a business that is results from past events and has future economic benefits called?

• Equity

• Income

• Drawings

• Assets

This assumption states that a business is an entity that is separate and distinct from its owners.

• Going Concern Assumption

• Distinction Principle

• Entity Concept

• Matching Principle

It assumes that the business will continue to operate in an indefinite period of time.

• Going Concern Assumption

• Distinction Principle

• Entity Concept

• Matching Principle

Who is the Father of Accounting

• Fra Luca Paccioli

• Beneditto Contrugli

• Fra Luca Pacioli

• Benedito Contrugli