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Cards In This Set
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The financial statement that reports the revenues and expenses for a period of time such as a year or a month
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Income Statement
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The financial Statement that reports teh assets, liabilities, and stockholders' (owners) equity at a specific date is the....
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Balance sheet
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Under the accrual basis of accounting, expenses are reported in teh accounting period when the
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Service or goods have been delivered
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Under the accrual basis of accounting, expenses are reported in the accounting period when the
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Expense matches the revenues or is used up
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Revenues minus expenses equals
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Net Income
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Resources owned by a company (such as cash and accounts receivable) are reported on the balance sheet and are referred to as....
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Asssets
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Assets are usually reported on the balance sheet at what amount?
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Cost, due to the cost Principle
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Obligations (amounts owed) are reported on the balance sheet and are referred to as .....
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Liabilities
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Liabilities often have the word _________ in their account title.
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Payable
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Unearned Revenues is what type of account?
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Liabilities
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Accounting entries involve a minimum of how many accounts?
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Two
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Which term is associated with "Left" or "Left-Side"
What will usually cause an asset account to increase
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Debit
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Which term is associated with "right" or "right-side"
What will usually cause the liability account Accounts payable to increase?
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Credit
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Entries to revenues accounts such as Service Revenues are usually
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Credits
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Entries to Expenses such as Rent Expense are usually
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Debits
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