TLE 10 Culminating Activity - 10A UZZIAH

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

• adjusted trial balance

Revenues minus expenses equals

• net loss

• income statement

• net income

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

• revenue

• equity

• liability

Liabilities often have the word __________ in their account title.

• receivable

• net

• payable

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

• debit

• credit

What will usually cause an asset account to increase?

• debit

• credit

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

• debit

• credit

Entries to expenses such as Rent Expense are usually

• Debit

• Credit

Which of the following is a contra-revenue account?

• purchase discount

• sales discount

• purchase returns

accounts included in the balance sheet are:

• assets

• revenue

• liability

• equity

• expense