accounting 11 review

1. The purpose of the accounting cycle is to prepare ___ statements
4. When expense is higher than revenue, you have a net ___
5. sheet ___ shows the financial position of a business
7. A deposit you have paid to your landlord is an asset or liability to yourself
8. Recording an expense as a service has been provided without cash payment is considered ____ accounting
12. A type of business that has more than one owner.
14. A general __ shows the history of transactions
17. Liability + Owner’s Equity =
19. _____ expense is the amount of a fixed asset’s cost that is allocated as an expense over its useful life
20. income ___ is revenue - expense

2. When a customer owes you money you have a ___ receivable
3. Journal entries always have to have a ____ and credits.
6. An unpaid heating bill is an asset or liability?
9. The three main Canada accounting professions, CGA, CMA, and CA have been merged into __
10. earning On a balance sheet, this account represents the cumulative profits a company has earned since its inception
11. balance A ___ always totals to a balance of 0.
13. An amount owing on a credit card may also accumulate __
15. The amount of stake you have in a company is called ___
16. When a company is making profit, it can distribute ___ to its shareholders
18. Revenue is recognized when __ has been received