mona Prepaid expenses, depreciation, accrued expenses, unearned revenues, and accrued revenues are all examples of: Items that require contra accounts. Items that require adjusting entries. Asset and equity. Asset accounts.
The account used to record the transfers of assets from a business to its owner is: A revenue account. The owner’s withdrawals account. The owner’s capital account. An expense account. A liability account.
A ledger is: A record containing increases and decreases in a specific asset, liability, equity, revenue, or expense item. A journal in which transactions are first recorded. A collection of documents that describe transactions and events entering the accounting process. A list of all accounts with their debit balances at a point in time. A … Read more
A collection of all accounts and their balances used by a business is called a: Journal. Book of original entry. General Journal. Balance column journal. Ledger.
The record in which transactions are first recorded is the: Account balance. Ledger. Journal. Trial balance. Cash account.
Decreases in equity that represent costs of assets or services used to earn revenues are called: Liabilities. Equity. Withdrawals. Expenses. Owner’s Investment.
The difference between a company’s assets and its liabilities, or net assets is: Net income. Expense. Equity. Revenue. Net loss.
A partnership: Is also called a sole proprietorship. Has unlimited liability for its partners. Has to have a written agreement in order to be legal. Is a legal organization separate from its owners. Has owners called shareholders.
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