The cost principle requires financial statement information to be based on __________ incurred in business transactions.

The so-called temporary accounts of a single proprietorship are its __________ accounts.

If a company determines cost of goods sold by counting the inventory at the end of the period and subtracting the inventory from the cost of goods available for sale, the system of accounting for inventories is called a(n)

The _____________________ principle requires financial statements to reflect the assumption that the business will continue operating instead of being closed or sold.

The basis of accounting that requires revenues to be assigned to the accounting period in which they were earned regardless of when received in cash, is called the _________ basis.

Under the ____________________ principle, every business is to be accounted for as a separate entity, separate and distinct from its owners.

If a running record is maintained for each inventory item of the number of units received as units are received, the number of units sold, and the number of units remaining after each receipt of sale, the inventory system is called _______________________.

Only balance sheet accounts should have balances appearing on the post-closing trial balance because the balances of all temporary accounts are reduced to _______ in the closing procedures.

The income statement is a financial statement that shows ________ and ________ during a specified period of time.

The _____________ principle requires financial statement information to be supported by evidence other than someone's opinion or imagination.

Unrecorded expenses for which payment is not due and which must be recorded with adjusting entires at the end of an accounting period are called (what type of adjusting entry) ______________

The __________________ is a list of all accounts used by a company.

The _________________ is known as the book of original entry.

The last step in the accounting cycle is ___________________________.

The accounting principle that requires expenses to be deducted from the revenues they help to produce is called the ___________principle.

Short-term investments are classified as _______________ on the balance sheet.

The accounting equation is ______________.

The book value of a plant asset is its "value" as shown by the books and consists of its cost minus its _________________.

The process of copying the debit and credit information about a transaction from the journal to the ledger is called ____________.

Inflows of assets into a business in exchange for its goods or services are called _________ in accounting.

Given the following income statement information for Dundee Corporation, determine the missing amounts.

Sales $30,000
Beginning Inventory ????
Purchases 9,600
Purchases Discounts 150
Purchases Returns & Allowances ????
Net Purchases 9,200
Transportation-In 400
Goods Available for Sale 12,600
Ending Inventory ?????
Cost of Goods Sold 11,100
Gross Profit ?????
Operating Expenses ????
Net Income $12,800

Answer rating: 100% (QA)

The cost principle requires financial statement information to be based on Costs incurred in business transactions The socalled temporary accounts of ... View the full answer