Bookkeeping

__________-entry bookkeeping means that every transaction will affect two or more accounts.

Double

Accrued expenses are likely to pertain to transactions that have __________ been paid.

Not yet

A listing of the balances in the accounts in order to determine whether debits are equal to credits is a __________ balance.

Trial

A supplier of goods or services is known as a __________.

Vendor

The two main methods of bookkeeping and accounting are 1) the cash method, and 2) the __________ method.

Accrual

Deferred revenues likely involve cash amounts that have __________ been received.

Already

The listing of accounts that are available for posting transactions is the __________ of accounts.

Chart

The separation of duties is part of the internal __________ for safeguarding assets.

Controls

Liability accounts will normally have __________ balances.

Credit

Revenue accounts will normally have __________ balances.

Credit

When a check is written, a cash account should be __________.

Credited

Cash and Accounts Receivable are two examples of accounts that are reported on the classified balance sheet under the heading __________ assets.

Current

A __________ amount will appear on the left side of a T-account.

Debit

The bookkeeping or accounting equation is Assets = Liabilities + Owner's __________.

Equity

The book of original entry is the definition of a __________.

Journal

Asset, __________, and stockholders' equity accounts are known as balance sheet accounts.

Liability

When a sale is made on credit, the seller will debit the asset account Accounts __________.

Receivable

The difference between the balance in a company's cash account and its bank statement is documented in the __________ of the bank statement.

Reconcilliation

Large corporations should report revenues on their income statements when the __________.

Revenues are earned

A __________ entry typically removes an accrual-type adjusting entry that had been recorded in the preceding accounting period.

Reversing