ACC Chapter 5 Quiz Pt. 2 review

Accounts used to collect information that will be transferred to a permanent capital account at the end of the accounting period.

• Permanent accounts
• Capital accounts
• Temporary accounts
• End-of-period accounts

Accounts that are continuous from one accounting period to the next; balances are carried forward to the next period

• revenue recognition
• temporary accounts
• revenue
• permanent accounts

The GAAP principle that revenue is recorded on the date it is earned even if cash has not been received.

• revenue
• temporary accounts
• revenue recognition
• permanent accounts

These accounts are used to record only business income.

• revenue
• permanent accounts
• revenue recognition
• temporary accounts

This account shows the amount of the owner's investment, or equity in the business.

• capital
• permanent accounts
• revenue recognition
• temporary accounts

The amount of money taken out of the business by the owner is a ______________.

• capital
• permanent accounts
• revenue recognition
• withdrawal

An expense account is _____ on the debit side.

• capital
• increase
• revenue recognition
• withdrawal

An expense account is _____ on the credit side.

• capital
• increase
• revenue recognition
• decrease

A revenue account is increased on the _____ side.

• credit
• debit

A revenue account is decreased on the _____ side.

• credit
• debit