BASIC ACCTG QUIZ

Which financial statement reports the revenues and expenses for a period of time such as a year or month?

• balance sheet

• income statement

• statement of cash flows

which financial statement reports the assets, liabilities and stockholders' equity at a specific date?

• balance sheet

• income statement

• statement of cash flows

Under the accrual basis of accounting, revenues are reported in the accounting period when which of the following accounts?

• cash is received

• service or goods have been delivered

under the accrual basis of accounting, expenses are recorded in the accounting period when which of the following occurs?

• cash is paid

• an expense matches the revenues or is used up

revenues minus expenses equals

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

obligations (amounts owned) are reported on the balance sheet and are referred to as

liabilities often have the word _______ in their account title.

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

assets minus liabilities equals