LONG QUIZ - FABM1

This is the basic ideas or the foundation that accounting is built in.

(a)  

The accounting concept that records things in accounting books at the price they were bought for, not their current market value.

(a)  

This is the convention that once a business chooses an accounting method, it should use the same method from one period to the next.

(a)  

This is the accounting convention that tells the whole important story about the business.

(a)  

This is the common practices or traditions that accountants follow while preparing financial statements.

(a)  

There are five major accounts: Assets, Liabilities, Owner's Equity, Revenues, and Expenses. However, these are grouped into three major classifications: Assets, Liabilities, and (a)   .

This is an example of asset that represents supplies which remained unused at the end of the accounting period.

(a)  

A type of liabilities that represents cash collected by the business in advance for a service or good that is yet to be rendered or delivered.

(a)  

The term used for Owner’s Equity changes depending on the form of (a)   .

You can get the Net Income if you subtract the (a)   to the revenue.