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If you have difficulty answering the following questions, learn more about this topic by reading our Accounting Basics (Explanation).
Which financial statement reports the revenues and expenses for a period of time such as a year or a month?
Which financial statement reports the assets, liabilities, and stockholders' (owner's) equity at a specific date?
Under the accrual basis of accounting, revenues are reported in the accounting period when which of the following occurs?
Under the accrual basis of accounting, expenses are reported in the accounting period when which of the following occurs?
Assets are usually reported on the balance sheet at which amount?
Unearned Revenues is what type of account?
Accounting entries involve a minimum of how many accounts?
Which term is associated with "left" or "left side"?
Which term is associated with "right" or "right side"?
When cash is received, the account Cash will be __________.
When a company pays a bill, the account Cash will be __________.
What will usually cause an asset account to increase?
What will usually cause the liability account Accounts Payable to increase?
Entries to expenses such as Rent Expense are usually __________.
Entries to revenues accounts such as Service Revenues are usually __________.
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Harold Averkamp (CPA, MBA) has worked as a university accounting instructor, accountant, and consultant for more than 25 years. He is the sole author of all the materials on AccountingCoach.com. Read more about the author.
