Accounting

Which financial statement reports the revenues and expenses for a period of time such as a year or a month?

• Balance Sheet

• Income statement

• Cash flow statement

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

• Cost

• Market Value

• Expected Selling price

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

• Debit

• Credit

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

Which of the following is not a core financial statement?

• Trial Balance

• Statement of cash flow

• Balance sheet

• Income statement

Which of the following is not a core financial statement?

• Balance sheet

• Journal

• Ledger

An asset that is not Physical in nature is called _______?

• Tangible asset

• Fixed asset

• Intangible asset

An credit entry in an real account means?

• decrease of an expense

• decrease in the value of asset

• an increase in income

Trial balance should always tally due to the rule of?

• Income and expense have debit and credit balance

• Every debit has a correspondence credit

• Asset and liabilities are equal

Which of the following is a real account?

• Ram account

• Building account

• Salary account