Accounting Basics

2. purchased supplies on account, what account will be debited?
4. debt that the company owes
9. and example of an asset;product on hand
10. money or things belonging to the business
11. money a company receives for products, services or other source
13. an accounting system’s main ledger
14. the costs of running the business or the money going out
16. another name for profit
17. an asset account where money is owed to the business
18. increases liabilities
19. expenses that may change from month to month
20. financial statement where assets equals liabilities plus owners equity
21. total assets - total liabilities
23. paid cash for a building, what account will be crediited?
25. expenses that do not change
26. a debit to a liability ______ the account.
27. recording of an event in accounting.
30. expenses which are not necessary to daily operation of the business
32. a business received cash for issuing common stock, what account will be credited?
34. every financial transaction affects at least two accounts, for every increase in one account there is an opposite and equal decrease in another
35. assets not able to be sold quickly

1. the loss in value of an asset
3. cost of goods sold - sales figures
5. financial statement where a companies revenue and expenses are shown in a time period
6. assets = liabilities - _____
7. general accepted accounting principles
8. a debit to an asset _____ the account.
12. revenue that does not come from primary goal of business
15. an account where the company owes money to a creditor
17. received cash for services, which account is credited.
22. paid 1500 for rent, which account is credited?
24. planning, recording, analyzing, and interpreting financial information.
28. abbreviation for debit
29. an example of an asset; money
31. abbreviation for credit
33. revenue - expenses
34. increases assets