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a moment in time, such as the last instant of an accounting period. False Right! The balance sheet reports amounts at a moment in time such as the last instant of an accounting period. Mark the Quiz as Complete...

Previous 1 of 31 Next Clear all marked cards Study Mode OFF ON Show First Term Definition Both Mark the Flashcards as Complete Must-Watch Video Learn How to Advance Your Accounting and Bookkeeping Career Perform better...

Accounting and Bookkeeping Career Perform better at your current job Refresh your skills to re-enter the workforce Pass your accounting class Understand your small business finances Watch the Video

the definition ClickTap anywhere to see the term Previous Next Previous 1 of 37 Next Clear all marked cards Study Mode OFF ON Show First Term Definition Both Mark the Flashcards as Complete Must-Watch Video Learn How to...

Definition Both Mark the Flashcards as Complete Must-Watch Video Learn How to Advance Your Accounting and Bookkeeping Career Perform better at your current job Refresh your skills to re-enter the workforce Pass your...

Our Explanation of Accounting Basics uses a simple story to introduce important accounting concepts and terminology. It illustrates how transactions will be included in a company's financial statements.

to navigate cards Click Tap anywhere to see the definition ClickTap anywhere to see the term Previous Next Previous 1 of 40 Next Clear all marked cards Study Mode OFF ON Show First Term Definition Both Mark the...

Since our Explanation of Cash Flow Statement illustrates how the amounts are determined, you will get a better understanding of this very important financial statement. No longer will you look at only the income...

balance. Credit Wrong. Mark the Quiz as Complete Must-Watch Video Learn How to Advance Your Accounting and Bookkeeping Career Perform better at your current job Refresh your skills to re-enter the workforce Pass your...

Our Explanation of Adjusting Entries gives you a process and an understanding of how to make the adjusting entries in order to have an accurate balance sheet and income statement. Eight examples including T-accounts for...

Our Explanation of Financial Ratios includes calculations and descriptions of 15 financial ratios. As you calculate the financial ratios you will also gain a deeper understanding of a company's operations and financial...

and preferred stock Proceeds from sale of treasury stock Additional investments by an owner To learn more about the statement of cash flows see our separate topic Cash Flow Statement. Mark the Cheat Sheet as Complete...

Our Explanation of Financial Ratios includes calculations and descriptions of 15 financial ratios. As you calculate the financial ratios you will also gain a deeper understanding of a company's operations and financial...

Our Explanation of Financial Ratios includes calculations and descriptions of 15 financial ratios. As you calculate the financial ratios you will also gain a deeper understanding of a company's operations and financial...

Our Explanation of Payroll Accounting discusses the taxes and benefits which are withheld from employees' pay as well as the taxes and benefits that are expenses for the employers. Also provided are examples of the...

answer. $8,000 Right! The entire proceeds from the sale of a long-term asset is reported under Cash from Investing Activities. $13,000 Wrong. Try another answer. Mark the Quiz as Complete Must-Watch Video Learn How to...

) understated by $700 and owner's equity understated by $700. Mark the Quiz as Complete Must-Watch Video Learn How to Advance Your Accounting and Bookkeeping Career Perform better at your current job Refresh your...

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Learn How to Advance Your Accounting and Bookkeeping Career

  • Perform better at your current job
  • Refresh your skills to re-enter the workforce
  • Pass your accounting class
  • Understand your small business finances
Watch the Video

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Bookkeeping Video Training
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Earn Badges and Points
Certificate - Debits and Credits
Certificate - Adjusting Entries
Certificate - Financial Statements
Certificate - Balance Sheet
Certificate - Income Statement
Certificate - Cash Flow Statement
Certificate - Working Capital
Certificate - Financial Ratios
Certificate - Bank Reconciliation
Certificate - Payroll Accounting

About the Author

Harold Averkamp

For the past 52 years, Harold Averkamp (CPA, MBA) has
worked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online. He is the sole author of all the materials on AccountingCoach.com.

Learn More About Harold

Certificates of
Achievement

Certificates of Achievement

We now offer 10 Certificates of Achievement for Introductory Accounting and Bookkeeping:

  • Debits and Credits
  • Adjusting Entries
  • Financial Statements
  • Balance Sheet
  • Income Statement
  • Cash Flow Statement
  • Working Capital and Liquidity
  • Financial Ratios
  • Bank Reconciliation
  • Payroll Accounting
Badges and Points
  • Work towards and earn 30 badges
  • Earn points as you work towards completing our course
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