Select the item that best completes each of the descriptions below. a. A(n) is a record of accounts used by a organization. b. A(n) is a record of increases and decreases in a specific asset, liability, equity, revenue, or expense item. c. A(n) is a resource owned or controlled by a company. d. are held by a seller and are promises of payment from customers to sellers. e. Common Stock and Dividends are examples of accounts

Which of the following accounts is increased by a debit? A. Common Stock B. Accounts Payable C. Supplies D. Service Revenue

Which of these transactions would be part of the financing section? A. inventory purchased for cash B. sales of product, for cash C. cash paid for purchase of equipment D. dividend payments to shareholders, paid in cash

What are the effects of the following transactions on the accounting equation? Indicate an increase (+) or decrease () under the affected asset, liability, and owners equity headings.

Also known as the historical cost principle, ________ states that everything the company owns or controls (assets) must be recorded at their value at the date of acquisition. A. revenue recognition principle B. expense recognition (matching) principle C. cost principle D. full disclosure principle

Explain how the accounting equation organizes financial information using T-accounts and debits and credits.

Identify the asset from the following list of accounts:a. Notes Payableb. Common Stockc. Retained Earningsd. Inventory

Identify the item that best completes each of the descriptions below. a. A(n) b. A(n) c. A(n) d. is a record of accounts and their balances. is a record of increases and decreases in a specific asset, liability, equity, revenue, or expense item. is a resource owned or controlled by a company. are held by a seller and are promises of payment from customers to the seller. e. The owner's claim on a company's assets is called account asset equity liability three ledger creditors accounts receivable asset

An Asset possessed by the business should be shown in which part of balance sheet? A. Liabilities B. Assets C. Revenues D. Fixed Assets

Match each account type with its description Account Classifications Descriptions 1. Assets 2. Liabilities  3. Stockholders’ equity 4. Dividends 5. Revenues 6. Expenses a. Sales of products or services. b. Owners’ claims to resources. c. Distributions to stockholders.  d. Costs of selling products or services. e. Resources of a company. f. Amounts owed.