Fundamental Accounting Basics Fill in the Blank Questions

 

 

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.

________________________
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.

________________________
distributions

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.

________________________
non-operating

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

________________________
operating

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

________________________
current





error: Content is protected !!