Accounting 1

What do accountants refer to an economic event?

Name the basic assumption of accounting that requires activities of an entity to be separated from the activities of its owner

How many parts does an account consist of?

What do you refer to as decrease assets and increase liabilities?

What do you normally call this?

Assets + Owner's drawings + Expenses = Liabilities + Owner's Capital + Revenues

What do you call Revenues that had been earned and received before financial statements have been prepared?

The accounting Terminology that refers to monthly and quarterly periods.

Where is the information taken for preparing a trial balance on a worksheet obtained from?

Identify the step in accounting cycle that is optional.

Name the two categories of expenses in a merchandising business.

(separate with a comma w/ space)