accounting quiz 1

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

. expenses matches the revenues or is used up

A financial statement that reports assets, liabilities, and owner's equity on a specific date

Balance Sheet

The financial statement that reports the revenues and expenses for a period of time such as a year or a month is the

Income Statement

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

Service or goods have been delivered.

resources owned by a company are reported on the balance sheet and are referred to as

assets

assets are usually reported on the balance sheet at which amount

cost

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

liabilities

Unearned Revenues is what type of account

liability

Revenues minus expenses equals

net income

Liabilities often have the word __________ in their account title.

payable

Accounting entries involve a minimum of how many accounts?

two