Financial events that a business records are called transactions.

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

Assets equal revenues less expenses.

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

Accounts Receivable is classified as a ?

Owner's Withdrawals may be ?

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

The complete process of bookkeeping is called the accounting cycle.

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

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

Purchases of vehicles are debited to expense accounts.

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.

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

Merchandise purchased for cash would appear in the purchases journal.

Accrued Expenses are revenues earned but not yet recorded.

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

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

A partnership is a business owned by one individual.

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

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

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

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

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

Land is a depreciable asset.