Fundamental Accounting Basics

Fill in the Blank Questions

//Fundamental Accounting Basics
Fundamental Accounting Basics 2017-10-27T19:36:07+00:00




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.

journal entry

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

left side

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

balance sheet

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

t account

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

common stock

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


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

contra account

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


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


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