2987700
| 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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