Accounting

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 in the 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 Or Is Used Up

Revenues minus expenses equals

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

• Cost

• Current Market Value

• Expected Selling Price

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

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

Liabilities often have the word __________ in their account title.

Accounting entries involve a minimum of how many accounts?

• one

• two

• three