1.What component within the accounting equation would Accounts Payable fall under?

2.How would you increase a businesss Land account, debit or credit?

3.What component within the accounting equation would Service Revenue fall under?

4.Do you use debit or credit to decrease an Asset account?

5.These are main types of accounting in which businesses incorporate. One of these is Cash Base Accounting. What is the other one?

6.Fill in the blank for the following statement. Under Cash Base Accounting, you record the transactions as _____ flows in and out of the business.

7.Fill in the blank for the following statement. Accrual Base Accounting is when the accountant records the transactions are the services and expenses are _________.

8.Which accounting method (Case Base vs. Accrual Base) gives a more accurate picture of the financial health of a company?

9.If a company does not specify (especially in your homework) whether they practice Accrual Base Accounting vs. Cash Base Accounting, which one would you automatically assume is being utilized by the accounting team?

10.The financial records of the owner and the business should NEVER be combined. This is referred to as the, __________________.