Jackson Plumbing Services earned $$500$ by completing a job for Smith Company. The $$500$

earned by Jackson Plumbing Services is its

A$)$ equity

B$)$ revenue

C$)$ debt

D$)$ gain

GAAP refer to guidelines for accounting information in the United States. The acronym

GAAP in this statement refers to

A$)$ Globally Accepted and Accurate Policies

B$)$ Generally Accredited Accounting Policies

C$)$ Global Accommodation Accounting Principles

D$)$ Generally Accepted Accounting Principles

Which is a true statement regarding the accounting equation?

A$)$ The equation does not need to balance during a specific period.

B$)$ The equation consists of three parts: assets, liabilities, and net income.

C$)$ The equation can be stated as assets minus liabilities equals equity.

D$)$ The equation is an optional tool for accountants to use.

Which of the following statements is true of a trial balance?

A$)$ A trial balance is also known as the chart of accounts.

B$)$ A trial balance is a list of all accounts with their balances.

C$)$ A trial balance is the first step in the accounting cycle.

D$)$ A trial balance is also known as a balance sheet.