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Understanding Balance Sheet Components

The document contains questions and answers related to accounting concepts, specifically focusing on assets, liabilities, and accounting entries. It addresses how resources are reported on the balance sheet, the nature of obligations, and the terminology associated with debits and credits. Additionally, it discusses the accounting system's structure and the relationship between assets and liabilities.

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Kendrew Sujide
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78 views2 pages

Understanding Balance Sheet Components

The document contains questions and answers related to accounting concepts, specifically focusing on assets, liabilities, and accounting entries. It addresses how resources are reported on the balance sheet, the nature of obligations, and the terminology associated with debits and credits. Additionally, it discusses the accounting system's structure and the relationship between assets and liabilities.

Uploaded by

Kendrew Sujide
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

1. 6.

Resources owned by a company (such as cash, accounts receivable, vehicles) are


reported on the balance sheet and are referred to as 
__________
.
2. 7.
Assets are usually reported on the balance sheet at which amount?
Cost
 
Current Market Value
 
Expected Selling Price
3. [Link] (amounts owed) are reported on the balance sheet and are referred to as 
__________
.
4. [Link] often have the word 
__________
 in their account title.
5. 10.
Unearned Revenues is what type of account?
Asset
 
Liability
 
Stockholders' (Owner's) Equity
6. 11.
Accounting entries involve a minimum of how many accounts?
One
 
Two
 
Three
7. [Link] listing of all of the accounts available for use in a company's accounting system is
known as the 
__________
.
8. [Link] minus liabilities equals 
__________
.
9. 14.
Which term is associated with "left" or "left-side"?
Debit
 
Credit
10. 15.
Which term is associated with "right" or "right-side"?
Debit
 
Credit
11. 16.
When cash is received, the account Cash will be
Debited
 
Credited

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