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Cards In This Set
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Accountants refer to an economic event as a ...
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Transaction
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A debit to an asset account indicates
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An increase in the asset
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A Credit to an asset account indicates
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A decrease in the asset
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A debit to a liability account indicates
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A decrease in the liability.
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A credit to a liability account indicates
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An increase in the liability.
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The time period assumption states
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The economic life of a business can be divided into artificial time periods
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In a service-type business, revenue is considered earned....
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When the service is performed
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What affects a balance sheet account and an income statement account?
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An adjusting entry
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If the total debit column exceeds the total credit column of the income statement columns on a work sheet, then the company has...
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Suffered a net loss for the period
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If the total credit column exceeds the total debit column of the income statement columns on a work sheet, then the company has...
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Earned net income for the period
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Common stock is: Income statement or Balance sheet? Debit or Credit?
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Balance sheet: credit
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Mortgage Payable is: Income statement or Balance sheet? Debit or Credit?
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Balance sheet: credit
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Supplies are: Income statement or Balance sheet? Debit or Credit?
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Balance sheet: debit
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Prepaid rent is: Income statement or Balance sheet? Debit or Credit?
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Balance sheet: debit
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Repairs Expense is: Income statement or Balance sheet? Debit or Credit?
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Income statement: debit
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