Accounting Basics Quiz

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Accounting Coach
Mar1ana_V
Flashcards by Mar1ana_V, updated more than 1 year ago
Mar1ana_V
Created by Mar1ana_V about 10 years ago
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Question Answer
Under accrual basis of accounting, revenues are reported in the accounting period when_________. Services Or Goods Have Been Delivered
Under accrual basis of accounting, expenses are reported in the accounting period when the__________. Expense Matches The Revenues Or Is Used Up
Assets 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)
Accounting Entries involve a minimum of how many accounts? Two Double-Entry, every transaction will affect at least two accounts.
The listing of all the accounts available for use in a company's accounting system is known as the___________. Chart of Accounts
Revenues - Expenses = Income Statement
Assets - Liabilities = Stockholder's Equity or Owner's Equity (if a nonprofit = Net Assets)
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