Basic Accounting

Unearned Revenues is what type of account?

• Asset

• Liability

• Stockholders' (Owner's) Equity

Accounting entries involve a minimum of how many accounts?

• One

• Two

• Three

Entries to revenues accounts such as Service Revenues are usually

• Debits

• Credits

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

• Balance Sheet

• Income Statement

• Statement Of Cash Flows

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

• Balance Sheet

• Income Statement

• Statement Of Cash Flows

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

• Cash Is Received

• Service Or Goods Have Been Delivered

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

• Cash Is Paid

• Expense Matches The Revenues Or Is Used Up

Unearned Revenues is what type of account?

• Asset

• Liability

• Stockholders' (Owner's) Equity