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