Accrued Expenses are revenues earned but not yet recorded.

Debits increase assets, expenses, liabilities, and owner's equity accounts.

Liabilities, Owner's Equity, and Revenue Accounts all normally have a credit balance.

Purchases of vehicles are debited to expense accounts.

The complete process of bookkeeping is called the accounting cycle.

A partnership is a business owned by one individual.

Assets equal revenues less expenses.

Financial events that a business records are called transactions.

The General Ledger is often referred to as the Book Of Original Entry.

An abbreviated version of the Accounting Equation is Property=Property Rights.

Accounts Receivable is classified as a ?

Debits are entered in the right column or right side of an account.

A compound journal entry is an entry with more than one debit or more than one credit.

A business with a "negative" owner's equity means that liabilities are greater than assets.

Merchandise purchased for cash would appear in the purchases journal.

The sale of merchandise for cash would appear in the sales journal.

The difference between what inventory was available for sale and what is on hand at the end of the year is known as ending inventory.

Beginning Inventory plus Purchases is known as Goods Available For Sale.

Owner's Withdrawals may be ?

The process of transferring balances from the journals to the ledger is called posting.

The Cash Method of accounting provides a more accurate measure of net income than the Accrual Method.

Land is a depreciable asset.

The Balance Sheet contains assets, liabilities, revenues, and expenses.

Assets, expenses, and draw accounts normally have a credit balance.

Debits and Credits are used to record financial events (transactions).