1. The financial statement that reports the revenues and expenses for a period of time such as a year or a month is the Balance Sheet Income Statement Statement Of Cash Flows 2. The financial statement that reports the assets, liabilities, and stockholders (owner's) equity at a specific date is the Balance Sheet Income Statement State ment Of Cash Flows 3. Under the accrual basis of acoounting, revenues are reported in the accounting period when the Cash Is Received Service Or Goods Have Been Delivered 4. Under the accrual basis of accounting, expenses are reported in the accounting period when the Cash Is Paid Expense Matches The Revenues Or Is Used Up 5. Revenues minus expenses equals 6. Resources owned by a company (such as cash, accounts receivable, vehicles) are reported on the balance sheet and are referred to as 7. Assets are usually reported on the balance sheet at which amount? Cost Current Market Value Expected Selling Price 8. Obligations (amounts owed) are reported on the balance sheet and are referred to as 9. Liablities often have the word in their account title. 10. Uneamed Revenues is what type of account? Asset Liability Stockholders' (Owner's) Equity 11. Accounting entries involve a minimum of how many accounts? One Two Three 12. The listing of all of the accounts available for use in a company's accounting system is known as the Across (Accounting Basics #1) 3. The basis or method of accounting that is less effective than the accrual basis in measuring profitability. 4. The basis or method of accounting where expenses are reported as they are incurred rather than when they are paid 8. When a company provides a service and allows the customer to pay in 30 days, the account to be debited is Accounts 12. The systematic allocation of the cost of equipment and buildings used in a business from the balance sheet to the income statement over the useful life of the asset 13. Accounting software facilitates recording business 15. The title of the asset account that reports the unexpired cost of insurance premiums that have already been paid is Insurance 17. This component of Property, Plant & Equipment is not depreciated 18. The balance sheet reports amounts that apply at a particular 22. Known as the book of original entry, it lists transactions in order by date. 24. The net income of a company is sometimes referred to as the in time ine (of the income statement). 25. Amajor element of the income statement that reports the costs that have been used in order to obtain revenues during the accounting period. 30. Depreciation is an allocation technique; it is not a 32 The books' of the company that contains al of the accounts is the general 33. The accounting guide line that prevents assets from being reported at amounts greater than heir echnique. cost is the _ principle 34. A major element of the income statement that reports fees eamed and sales of products. 35. The accrual basis of accounting is more effective than the cash basis in reporting the of a business. 36. Generally accepted accounting guidelines are referred to as- Down (Accounting Basics 1) 1. The financial statement that reports the financial position of a company as of an instant or point in time is the sheet 2. The balance sheet classification that reports the obligations of the company. 5. The book value of an asset or liability is also known as the 6. Resources owned by a company 7. An entry to the left-side of an account. 9. The basic accounting 10. Every transaction that gets recorded in the general ledger involves 11. Some people refer to the roome statement as the profit and- 12. Because the accounting system used in the U.S. requires at leastone debit and one credit, we amount is Assets Liabiles + Owner's Equity. or more accounts. statement. refer b the accounting system as entry 14. The financial statoment that reports tho rovenues and exponses of a company for a period of time is the 16. One part of stockholders equity is 19. In the case of two acceptable aitematives, this guideline directs the accountant to select the statement eamings alternative that results in less profit and less asset (or more liability) 20. An entry to the right-side of an account. 21. The required financial statements include the balance sheet the mome statement. and statement of cash 23. The owner's equity section of a corporation's balance sheet is known as shareholders equity or equity. 26. Most liability accounts have this word as part of their title 27, The title of the liability account that reports amounts that were received by the company before they were earned is Deferred Revenues or 28. Aising of al of the accounts available in the general ledger is a 29. Sometimes inventory is reported at an amount that is 31. The income statement and the statement of cash flows report amounts covering a han cost. of time