Accounting
It keeps in one place all the information about changes in specific account balances
Which of the following is false about a journal
current liabilities
accounts payable, other payables, unearned revenue or deferred revenue
general journal
an accounting record of the balances of all assets, liabilities, and stockholders' equity accounts is called a
expenses
are the cost of assets consumed or services used in the process of earning income
current assets
cash, accounts receivable, other receivables, inventory, prepaid expenses
assets
liabilities + stockholder's equity
long-term liabilities
notes payable, bonds payable, mortgages payable, lease obligations, deferred income taxes
income statement
presents the revenues and expenses for a specific period of time
long-term assets
property, plant & equipment, long term investments
revenues
result from business activities entered into for the purpose of earning income
future economic benefit
the common characteristic possessed by all assets is
Historical cost
the cost principle requires that when assets are acquired, they be recorded at
Services performed on account
which of the following would not result in unearned revenue
accrual-basis accounting
events that change a company's financial statements are recognized in the period they occur rather than in the period in which cash is paid or received
standards that indicate how to report economic events
generally accepted accounting principles are
expenses with revenues
the matching principle matches
posting
the procedure of transferring journal entries to the leger
debit account entered first at the extreme left margin
the standard form of a journal entry has the