Basic Accounting Quiz

Revenues minus expenses equals.

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.

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

Assets minus liabilities equals.

Which term is associated with “left” or “left side”?

• Debit

• Credit

Entries to expenses such as Rent Expense are usually.

• Debit

• Credit

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

• Balance sheet

• Statement of Cash Flow

• Income statement

When a company pays a bill, the account Cash will be.

• Debit

• Credit

What will usually cause an asset account to increase?

• Debit

• Credit