The side of the account that is increased is called

A balance sheet has these sections

Account used to summarize the owner’s equity in the business

A business activity that changes assets, liabilities, or owner’s equity

Assets = Liabilities + Owner’s Equity

When cash is paid for supplies

An increase in Owner’s Equity resulting from the operation of a business is called.

A decrease in Owner’s Equity resulting from the operation of a business is called

Assets taken out of a business for the Owner’s personal use are called

An 8 columnar accounting form used to summarize information needed for prepare financial statements.

The Income Summary account is only used

A list of accounts used by a business

A form for recording transactions in chronological order is called

A business form ordering a bank to pay cash from a bank account is called

A double ruled line indicates

The Accounting concept that is applied when financial statements contain all information necessary to understand a business’s financial condition

Following the same accounting procedures in the same way in each fiscal period is an application of the accounting concept

The length of time for which a business summarizes and reports financial information.

The formula for calculating net income

41. The current capital to be recorded on a balance sheet is calculated as

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