Accounting Basics Quiz

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)

Resource summary

	Created by Mar1ana_V about 10 years ago