Which of the following revenue recognition methods is generally used in business?
The concept that a legal business entity, such as a corporation or a partnership, is separate from its owners is called the:
What do we call the process of transferring the balances of nominal accounts to the retained earning account, thereby starting those nominal accounts fresh for the next period?
The body responsible for promulgating U.S. Generally Accepted Accounting Principles is the:
I want to make a journal entry to increase accounts payable, so I credit that account.
Cash had a balance of $100 and it has a balance of $200 after I made this journal entry. I must have:
The principle which requires that expenses be accrued or deferred is the:
Revenues are earned when the customer is billed.
The basic accounting equation is:
There is only one type of accounting, and it is used for all of a businees's reporting needs.