Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

help plzz 30 A financial event changing the value of items on the balance sheet is called a of the business The fact that a

help plzz
image text in transcribed
30 A financial event changing the value of items on the balance sheet is called a of the business The fact that a is in balance does not necessarily mean that the books are completely accurate, After analyzing each transaction, the fundamental accounting equation must still . A file, group of accounts, is known as an The difference between the total debits and total credits in an account is called the . A listing of ledger accounts and their debit/credit balances is referred to as a(n) The owner's withdrawal of cash for personal use reduces cash and A account is used to record changes in assets, liabilities, and equity accounts The financial statement on which the Drawings account appears is called . The period of time over which earnings are measured is called the accounting penod or the period . The third line of the balance sheet heading contains the name of the business When the balance sheet is prepared vertically, it is said to be in the form The accounting equation is based on three fundamental parts: - and means that the assets are listed in order in which they can easily Listing assets in order of their be converted into must equal the amount of The basic feature of the double-entry system of accounting is that, for each transaction, the amount of and . A cash investment by the owner increases and the expense account is When an expense is incurred but not paid for the creditor's account is

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Church Growth Handbook Includes Complete Ministry Audit

Authors: William M. Easum

1st Edition

0687081610, 978-0687081615

More Books

Students also viewed these Accounting questions