Accounting Basics Quiz

Revenues minus expenses equals.

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Resources owned by a company (such as cash, accounts receivable, vehicles) are reported on the balance sheet and are referred to as.

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

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Liabilities often have the word in their account title.

The listing of all of the accounts available for use in a company’s accounting system is known as the.

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Assets minus liabilities equals.

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Which term is associated with “left” or “left side”?

• Debit

• Credit

Entries to expenses such as Rent Expense are usually.

• debits

• credits

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

• Balance sheet

• Income statement

• Statement of cash flows

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

• debited

• credited