BE Chapter 20 Accounting and Financial Reporting

Why do businesses use the same accounting system?

The amount your business owes to creditors is

Another name for an income statement is

Items that are held for more than one year are

Monthly Accounting Activities include all of the following except

The total amount of assets minus total liabilities will give you

Keeping good, timely accounting records is a time consuming task, an option is to

What could happen if a business fails to pay its bills on time?

The amount of cash available at any given time is called

Cash, supplies, merchandise and accounts receivable are

The debts of a business are

If you use a one-year accounting period it will be either

Business's that have regular daily sales should prepare a daily

Financial reports or statements are documents that

A report of the revenue, expenses, and net income or loss for the accounting period is called

Which of the following would NOT be an example of a Special Journal?

A petty cash fund is used to

GAAP stands for

When creating accounting books, you make two assumptions about your business, they are (pick 2)

When a business transaction occurs and the transaction affects two or more accounts it is

Which of the following is NOT one of the three sections of a balance sheet?

A financial diary of the business is called

Income and payments may be recorded in two ways, they are

ASSETS = LIABILITIES + ________

For an asset account, a debit

The process of transferring amounts from the general journal to accounts in the general ledger

Which of the following is NOT one of the primary financial statements?

The list of accounts a business uses in its operation is called

If you had to hire anyone from our class to be the Bookkeeper for you bus., who would you hire?

For a liability account, a debit