Where you place your transactions

A sale of goods or services on account.

A car is an example of this

the principle that states you have to record values in a fair and reasonable manner

When adjusting supplies, you debit this account.

Where you place your assets liabilities and owners equity.

It could be anything

The equation to get assets or to prove it balances

the principle that states revenue should be recognized or recorded at the time of purchase

When adjusting Prepaid Rent, you debit Prepaid Rent. True or False.

Where you put your revenues and expenses

When you debit bank/cash and credit accounts receivable.

When someone owes you or your business money

What GAAP stands for

You use the salvage value when determining the annual depreciation expense for straight line depreciation. True or False

The part of a Worksheet that shows your assets, liabilities, etc before adjustments.

A sale of goods or services on account

An account that can be the opposite of what its suppose to be (asset could be credit when it should be a debit)

The principle that states that the records of the business must be kept separate from that of the owner.

You credit this account when recording depreciation

A version of a balance sheet where the revenues and expenses have been closed into the capital.

Can be paying an account payable, a cash payment of an expense accompanied by a bill/receipt.

Accounts Receivable is an Exceptional Balance (can be a credit) True or False?

The Objectivity principle states that the business is assumed to operate indefinitely for accounting purposes unless known otherwise. True or False

This type of account acts like a Negative Asset.