If you have difficulty answering the following questions, learn more about this topic by reading our Accounting Basics (Explanation). 1. Which financial statement reports the revenues and expenses for a period of time such as a year or a month? Balance Sheet Income Statement Statement Of Cash Flows 2. Which financial statement reports the assets, liabilities, and stockholders' (owner's) equity at a specific date? Balance Sheet Income Statement Statement Of Cash Flows 3. Under the accrual basis of accounting, revenues are reported in the accounting period when which of the following occurs? Cash Is Received Services Or Goods Have Been Delivered 4. Under the accrual basis of accounting, expenses are reported in the accounting period when which of the following occurs? Cash Is Paid An Expense Matches The Revenues Or Is Used Up 5. Revenues minus expenses equals I 6. Resources owned by a company (such as cash, accounts receivable, vehicles) are reported on the balance she 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. Liabilities often have the word in their account title following occurs? Cash Is Received Services Or Goods Have Been Delivered 4. Under the accrual basis of accounting, expenses are reported in the accounting period when which of the following occurs? Cash Is Paid An 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 sh 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. Liabilities often have the word in their account title. 10. Unearned 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 ounting-basics/quiz 12. The listing of all of the accounts available for use in a company's accounting system is known as the 1/5 15. Which term is associated with "right" or "right side"? Debit Credi 16. When cash is received, the account Cash will be, Debited Credited 17. When a company pays a bill, the account Cash will be, Debited Crested 18. What will usually cause an asset account to increase? Debit Credl 19. What will usually cause the liability account Accounts Payable 1 Deb Credit 20 Entries to expenses such as Rent Expense are usually Deli Credits 21. Entries to venues accounts such as Service Revenues are ty Debils Credits 80 R # 3 r E + Recent graded QuikTen 1800 unique les questions when you AuningCoach PRO 2 85 $ 3 94 R D SF GB % 5 T ' MacBook Air 6 9 7 Y &7 4 1 V U G HT 8 0 A 9