Flashcards
Accounting Basics Quiz
Cards in this deck (7)
- 1Under accrual basis of accounting, revenues are reported in the accounting period when_________.Services Or Goods Have Been Delivered
- 2Under accrual basis of accounting, expenses are reported in the accounting period when the__________.Expense Matches The Revenues Or Is Used Up
- 3Assets are usually reported on the balance sheet at which amount?Cost
( Cost Principle- requires assets be recorded at the cash amount at the same time an asset is acquired) - 4Accounting Entries involve a minimum of how many accounts?Two
Double-Entry, every transaction will affect at least two accounts. - 5The listing of all the accounts available for use in a company's accounting system is known as the___________.Chart of Accounts
- 6Revenues - Expenses =Income Statement
- 7Assets - Liabilities =Stockholder's Equity or Owner's Equity
(if a nonprofit = Net Assets)