5 Oct

Which financial statement reports the revenues and expenses?

• Balance Sheet

• Income Statement

• Statement Of Cash Flows

Which financial statement reports the assets, liabilities, and equity?

• Balance Sheet

• Income Statement

• Statement Of Cash Flows

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

• Debit

• Credit

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

• Debit

• Credit

When cash is received, the account Cash will be __________.

• Debited

• Credited

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

• Debited

• Credited

The Accounting Equation is  

• Owner's Equity = Assets + Liabilities

• Assets = Liabilities - Owner's Equity

• Assets = Liabilities + Owner's Equity

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

• Cash is Received

• End of the Month Has Arrived

• Service or Goods Have Been Delivered

• Customer Pays

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

• Assets

• Liabilities

• Equity