Accounting_1

The financial statement that reports the revenues and expenses for a period of time such as a year or a month is the

The financial statement that reports the assets, liabilities, and stockholders' (owner's) equity at a specific date is the

Under the accrual basis of accounting, revenues are reported in the accounting period when the

Under the accrual basis of accounting, expenses are reported in the accounting period when the

Revenues minus expenses equals _______  ________________.

Assets are usually reported on the balance sheet at which amount?

Obligations (amounts owed) are reported on the balance sheet and are referred to as ________________.

Liabilities often have the word ________________ in their account title.

Unearned Revenues is what type of account?

Which term is associated with "left" or "left-side"?

Which term is associated with "right" or "right-side"?

When cash is received, the account Cash will be

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

What will usually cause an asset account to increase?

What will usually cause the liability account Accounts Payable to increase?

Entries to expenses such as Rent Expense are usually

Entries to revenues accounts such as Service Revenues are usually

A company receives $500 of cash as an additional investment in the company by its owner, Mary Smith.  The company's Cash account is increased and Mary Smith, Capital is increased.Should the $500 entry to the Cash account be a debit?

A company receives $500 of cash as an additional investment in the company by its owner, Mary Smith.  The company's Cash account is increased and Mary Smith, Capital is increased. Should the $500 entry to Mary Smith, Capital be a debit?

A company performed services on account in August.  The services were for $2,000 and the company gave the customer credit terms that state the amount is to be paid to the company in September

Assuming that the company prepares monthly income statements, what will be the account debited for $2,000 in August?

A company performed services on account in August.  The services were for $2,000 and the company gave the customer credit terms that state the amount is to be paid to the company in September.

Which account should the company credit for $2,000 in August?

A company performed services on account in August.  The services were for $2,000 and the company gave the customer credit terms that state the amount is to be paid to the company in September.

In September when the company receives the $2,000 from the customer, which account should the company debit?

A company performed services on account in August.  The services were for $2,000 and the company gave the customer credit terms that state the amount is to be paid to the company in September.

In September when the company receives the $2,000 from the customer, which account should the company credit?

Expenses are always Debited or credited?

Revenues are always Debited or Credited

Generally when an expense is involved in a transaction, an expense will be

Generally when revenues are involved in a transaction, a revenue account will be

The accountant's word to indicate that an entry will be recorded on the left-side of an account is

The accountant's word to indicate that an entry will be recorded on the rightt-side of an account is

A contra-asset account such as Accumulated Depreciation will likely have which balance?

A contra-liability account such as Discount on Notes Payable will likely have which balance?