1. The two main methods of bookkeeping and accounting are 1) the cash method, and 2) the  accountsaccrualassetbalancechartcreditdebitEarningsEquityfinancialGrossincomeincreaseJournaloutstandingperiodperiodicperpetualpointpositionProfitRetainedRevenuesheettrialtwo method.

2. A listing of the balances in the accounts in the general ledger in order to determine whether debits are equal to credits is a  accountsaccrualassetbalancechartcreditdebitEarningsEquityfinancialGrossincomeincreaseJournaloutstandingperiodperiodicperpetualpointpositionProfitRetainedRevenuesheettrialtwo balance.

3. Liability accounts will normally have a  accountsaccrualassetbalancechartcreditdebitEarningsEquityfinancialGrossincomeincreaseJournaloutstandingperiodperiodicperpetualpointpositionProfitRetainedRevenuesheettrialtwo balance.

4. Assets, liabilities, and equity accounts are known as  accountsaccrualassetbalancechartcreditdebitEarningsEquityfinancialGrossincomeincreaseJournaloutstandingperiodperiodicperpetualpointpositionProfitRetainedRevenuesheettrialtwo  accountsaccrualassetbalancechartcreditdebitEarningsEquityfinancialGrossincomeincreaseJournaloutstandingperiodperiodicperpetualpointpositionProfitRetainedRevenuesheettrialtwo accounts.

5. The basic bookkeeping or accounting equation is Assets = Liabilities + Owner's  accountsaccrualassetbalancechartcreditdebitEarningsEquityfinancialGrossincomeincreaseJournaloutstandingperiodperiodicperpetualpointpositionProfitRetainedRevenuesheettrialtwo.

6. The normal balance side of an account is the  accountsaccrualassetbalancechartcreditdebitEarningsEquityfinancialGrossincomeincreaseJournaloutstandingperiodperiodicperpetualpointpositionProfitRetainedRevenuesheettrialtwo side.

7. The accountant's term to indicate that an entry will be recorded on the left-side of an account is a  accountsaccrualassetbalancechartcreditdebitEarningsEquityfinancialGrossincomeincreaseJournaloutstandingperiodperiodicperpetualpointpositionProfitRetainedRevenuesheettrialtwo.

8. The  accountsaccrualassetbalancechartcreditdebitEarningsEquityfinancialGrossincomeincreaseJournaloutstandingperiodperiodicperpetualpointpositionProfitRetainedRevenuesheettrialtwo of  accountsaccrualassetbalancechartcreditdebitEarningsEquityfinancialGrossincomeincreaseJournaloutstandingperiodperiodicperpetualpointpositionProfitRetainedRevenuesheettrialtwo is a listing of the accounts in the general ledger.

9. Every transaction affects  accountsaccrualassetbalancechartcreditdebitEarningsEquityfinancialGrossincomeincreaseJournaloutstandingperiodperiodicperpetualpointpositionProfitRetainedRevenuesheettrialtwo or more accounts.

10.  accountsaccrualassetbalancechartcreditdebitEarningsEquityfinancialGrossincomeincreaseJournaloutstandingperiodperiodicperpetualpointpositionProfitRetainedRevenuesheettrialtwo will cause owner's equity to increase.

11. Another name for the balance sheet is the statement of  accountsaccrualassetbalancechartcreditdebitEarningsEquityfinancialGrossincomeincreaseJournaloutstandingperiodperiodicperpetualpointpositionProfitRetainedRevenuesheettrialtwo  accountsaccrualassetbalancechartcreditdebitEarningsEquityfinancialGrossincomeincreaseJournaloutstandingperiodperiodicperpetualpointpositionProfitRetainedRevenuesheettrialtwo.

12. A  accountsaccrualassetbalancechartcreditdebitEarningsEquityfinancialGrossincomeincreaseJournaloutstandingperiodperiodicperpetualpointpositionProfitRetainedRevenuesheettrialtwo balace is the normal balance for an asset account.

13. The profitability of a company for a specified period of time is reported in the  accountsaccrualassetbalancechartcreditdebitEarningsEquityfinancialGrossincomeincreaseJournaloutstandingperiodperiodicperpetualpointpositionProfitRetainedRevenuesheettrialtwo statement.

14. Prepaid insurance is reported as an  accountsaccrualassetbalancechartcreditdebitEarningsEquityfinancialGrossincomeincreaseJournaloutstandingperiodperiodicperpetualpointpositionProfitRetainedRevenuesheettrialtwo on a company's balance sheet.

15. The accounting method that matches earned revenues with expenses incurred is the  accountsaccrualassetbalancechartcreditdebitEarningsEquityfinancialGrossincomeincreaseJournaloutstandingperiodperiodicperpetualpointpositionProfitRetainedRevenuesheettrialtwo method.

16. The income statement is prepared for a  accountsaccrualassetbalancechartcreditdebitEarningsEquityfinancialGrossincomeincreaseJournaloutstandingperiodperiodicperpetualpointpositionProfitRetainedRevenuesheettrialtwo of time.

17. The balance sheet is prepared for a specific  accountsaccrualassetbalancechartcreditdebitEarningsEquityfinancialGrossincomeincreaseJournaloutstandingperiodperiodicperpetualpointpositionProfitRetainedRevenuesheettrialtwo in time.

18. Net Sales minus the Cost of Goods Sold equals  accountsaccrualassetbalancechartcreditdebitEarningsEquityfinancialGrossincomeincreaseJournaloutstandingperiodperiodicperpetualpointpositionProfitRetainedRevenuesheettrialtwo  accountsaccrualassetbalancechartcreditdebitEarningsEquityfinancialGrossincomeincreaseJournaloutstandingperiodperiodicperpetualpointpositionProfitRetainedRevenuesheettrialtwo.

19. A corporation's net income will cause an increase to  accountsaccrualassetbalancechartcreditdebitEarningsEquityfinancialGrossincomeincreaseJournaloutstandingperiodperiodicperpetualpointpositionProfitRetainedRevenuesheettrialtwo  accountsaccrualassetbalancechartcreditdebitEarningsEquityfinancialGrossincomeincreaseJournaloutstandingperiodperiodicperpetualpointpositionProfitRetainedRevenuesheettrialtwo.

20. The inventory system that does NOT update the Inventory account automatically at the time of each purchase or sale is the  accountsaccrualassetbalancechartcreditdebitEarningsEquityfinancialGrossincomeincreaseJournaloutstandingperiodperiodicperpetualpointpositionProfitRetainedRevenuesheettrialtwo method.

21.The inventory system that DOES update the Inventory account automatically at the time of each purchase or sale is the  accountsaccrualassetbalancechartcreditdebitEarningsEquityfinancialGrossincomeincreaseJournaloutstandingperiodperiodicperpetualpointpositionProfitRetainedRevenuesheettrialtwo method.

22. Checks that have been written by a company but have not yet cleared the bank are referred to as  accountsaccrualassetbalancechartcreditdebitEarningsEquityfinancialGrossincomeincreaseJournaloutstandingperiodperiodicperpetualpointpositionProfitRetainedRevenuesheettrialtwo checks.

23. A  accountsaccrualassetbalancechartcreditdebitEarningsEquityfinancialGrossincomeincreaseJournaloutstandingperiodperiodicperpetualpointpositionProfitRetainedRevenuesheettrialtwo is often referred to as the book of original entry.

24. The financial statement that reports the revenues and expenses for a period of time such as a year or a month is the  accountsaccrualassetbalancechartcreditdebitEarningsEquityfinancialGrossincomeincreaseJournaloutstandingperiodperiodicperpetualpointpositionProfitRetainedRevenuesheettrialtwo statement.

25. The financial statement that reports the assets, liabilities, and owner's equity at a specific date is the  accountsaccrualassetbalancechartcreditdebitEarningsEquityfinancialGrossincomeincreaseJournaloutstandingperiodperiodicperpetualpointpositionProfitRetainedRevenuesheettrialtwo sheet.