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