Question: Anwser the following is possible Name: 1. The financial statement that reports the revenues and expenses for a period of time such as a year

 Anwser the following is possible Name: 1. The financial statement that

Anwser the following is possible

Name: 1. The financial statement that reports the revenues and expenses for a period of time such as a year or a month is the Balance Sheet Income Statement Statement of Cash Flows 2. Entries to revenues accounts such as Service Revenues are usually Debits Credits 3. The financial statement that reports the assets, liabilities, and stockholders' (owner's) equity at a specific date is the Balance Sheet Income Statement Statement of Cash Flows 4. When cash is received, the account Cash will be Debited Credited 5. Under the accrual basis of accounting, revenues are reported in the accounting period when the Cash Is Received Service or Goods Have Been Delivered 6. What will usually cause an asset account to increase? Debit Credit 7. Entries to expenses such as Rent Expense are usually Debits Credit 8. Revenues minus expenses equals 9. Resources owned by a company (such as cash, accounts receivable, vehicles) are reported on the balance sheet and are referred to as 10. Obligations (amounts owed) are reported on the balance sheet and are referred to as 11. Liabilities often have the word in their account title. 12. Unearned Revenues is what type of account? Asset Liability Stockholders' (Owner's) Equity 13. Assets minus liabilities equals 14. When a company pays a bill, the account Cash will be Debited Credited 15. What will usually cause the liability account Accounts Payable to increase? Debit Credit

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