Only accounts with a balance are listed in the Trial Balance columns of a work sheet.

Under the accrual basis of accounting, expenses are reported in the accounting period when the

VITAMIN B2

What type of an account is Capital?

Anything of value that is owned

Planning, recording, analyzing, and interpreting financial information

A decrease in owner's equity resulting from the operation of a business

VITAMIN D

Under the accrual basis of accounting, revenues are reported in the accounting period when the:

Entries to expenses such as Rent Expense are usually

What is owner's equity?

Which term is associated with "left" or "left-side"?

Cash Short and Over is classified as a(n)

A business owned by one person

Changes recorded on a worksheet to update general ledger accounts at the end of a fiscal period.

What type of an account is Accounts Payable?

Amount owed by a business

Obligations (amounts owed) are reported on the balance sheet and are referred to as __________.

The account used to summarize the owner's equity in a business

VITAMIN E

The ________________ __________________ is one of the main financial statements and reports revenues and expenses for a period of time such as a month or year.

Which of the following are Assets?

VITAMIN A

If an amount is written in an incorrect column of a work sheet, the error should be erased and the amount should be written in the correct column.

Accounting entries involve a minimum of how many accounts?

What will usually cause the liability account Accounts Payable to increase?

Liabilities often have the word __________ in their account title.

Net income on a work sheet is calculated by subtracting the Income Statement Debit column total from the Income Statement Credit column total.