Fundamental Accounting Basics

 

 

Instructions

Hover over the missing word with your mouse to show the correct fill in the blank answer.


1. A ——— is used to record a business event as they occur throughout the year.

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journal entry

2. Contra equity accounts have balances on the – of the T account.

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left side

3. The ——— summarizes the accounting equation in report format.

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balance sheet

4. Accounts are typically displayed in ——— format before the trial balances is drafted.

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t account

5. Stockholder ownership is recorded in the ——— account.

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common stock

6. Partners can take ——— out of a partnership in the form of cash payments.

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distributions

7. Accumulated amortization is an example of a ——— that is reported on the balance sheet.

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contra account

8. Interest is an example of ——— income reported on the income statement.

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non-operating

9. Rent and sales are forms of ——— income reported on the income statement

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operating

10. Accounts payable is a ——— liability reported on the balance sheet.

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current