Basic Bookkeeping Fill-In-Blank

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1. The is a book or file that contains all of a business's accounts and balances.

2. A is a record in which transactions are initially recorded (recorded first).

3. is the process of transferring the balances from the Journals to the General Ledger.

4. An is a record that contains the summarized information about the various types of assets, liabilities, equity, revenues, and expenses.

5. The inventory system requires a physical count in order to determine the Cost of Goods Sold and the Ending Inventory values.

6. The statement is the formal financial statement used to report the profitability of a business.

7. The is used to analyze the liquidity and debt paying ability of a business.

8. The normal balance for the owner's drawing account is a balance.

9. Fees earned are classified as a account.

10. The cash account is increased with a .

11. The Income Statement measures the of a business.

12. Economic resources that are expected to produce future benefits are called .

13. Net Income or Profit results from exceeding expenses.

14. Distributions of assets to the owners of a corporation are called .

15. An organization made up of owners called shareholders is called a .

16. The terms Net Assets and Net Worth, the difference between assets and liabilities, are also referred to as Owner's .

17. Assets are normally recorded at .

18. An is used to record and summarize the increases and decreases in each type of asset, liability, equity, revenue and expense item.

19. The mathematical expression Assets = Liabilities + Owner's Equity is called the equation.

20. A debt incurred by selling goods or services to a customer on credit is called accounts .

21. increase draws, expenses, and asset accounts.

22. decrease liabilty, revenue, and owner's equity accounts.

23. Documents such as invoices, checks, sales orders, contracts, purchase orders, etc. are called documents.

24. The basis of accounting normally results in a more accurate measurement of net income than the cash basis.

25. Retained Earnings is an account used by a .