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If you have difficulty answering the following questions, learn more about this topic by reading our Accounting Basics (Explanation).
|1. The financial statement that is described as a "snapshot" of a company’s financial position is the ______________ sheet.||BALANCE AELBCNA||Unscramble|
|2. The __________ method (or basis) of accounting reports expenses when they are incurred (as opposed to when they are paid).||ACCRUAL CUCLARA||Unscramble|
|3. Land is an asset that is not ____________________.||DEPRECIATED ETDPDRCAEIE||Unscramble|
|4. An asset's book value is its cost minus its __________________ depreciation.||ACCUMULATED UDTCAMALUCE||Unscramble|
|5. The amount of prepaid insurance that has expired in the accounting period is reported as an _____________.||EXPENSE SNEEEPX||Unscramble|
|6. A credit entry will cause the Cash account balance to _____________.||DECREASE EEESRADC||Unscramble|
|7. Assets = Liabilities + Stockholders’ Equity is known as the basic accounting ________________.||EQUATION UETOIANQ||Unscramble|
|8. _____________ will cause a corporation's Stockholders' Equity to increase.||REVENUES EEERSUVN||Unscramble|
|9. A listing of the general ledger accounts that does not include the account balances is the _________ of accounts.||CHART TRCAH||Unscramble|
|10. The general ledger accounts whose balances are closed at the end of the accounting year are the ____________ statement accounts.||INCOME NMICEO||Unscramble|
|11. The statement of cash flows reports amounts according to three activities: _____________, financing, and investing.||OPERATING NOAEGTPIR||Unscramble|
|12. The amount of prepaid insurance that has not expired as of the end of the accounting period is reported as an __________.||ASSET ESTAS||Unscramble|
|13. Property is not reported at its current market value because of the cost ____________.||PRINCIPLE RECIPILPN||Unscramble|
|14. The _________-entry system means that each transaction will affect a minimum of two accounts and that debits must equal credits.||DOUBLE UELDBO||Unscramble|
|15. Unearned Revenues is reported on the balance sheet as a ______________.||LIABILITY IIIYBTALL||Unscramble|
|16. Under the accrual method, the account that is debited at the time of a sale on credit is Accounts _____________.||RECEIVABLE EEEIBRALVC||Unscramble|
|17. Under the accrual method, revenues are reported on the income statement when they are ______________.||EARNED DRAEEN||Unscramble|
|18. Under the accrual method, when a company purchases goods from a supplier on credit the company will credit Accounts _____________.||PAYABLE YEPBAAL||Unscramble|
|19. This is an allocation process (not a valuation process) associated with equipment and other plant assets.||DEPRECIATION EIEIDAPCNRTO||Unscramble|
|20. The component of stockholders' equity that serves as a link to the corporation's income statement is retained _______________.||EARNINGS GRSENANI||Unscramble|
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