Fundamental Accounting Basics

 

 

Instructions

Hover over the scrambled word with your mouse to show the unscrambled answer.

1. The process of communicating financial information to people outside of an organization.

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financial accounting

2. The expanded accounting equation includes revenues, expenses, common stock, dividends, paid in capital, and ________.

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treasury stock

3. Resource accounts with the same balance as expenses.

Sstaes

assets

4. A formula used to compute and balance double entry accounting.

Gctauncnoi Eqotiuan

accounting equation

5. Unearned revenues are what type of account?

Lsaeibiiilt

liabilities

6. Paid in capital is what type of account?

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equity

7. What do journal entries record?

esbnuiss nattnisrosca

business transactions

8. The concept that debits will always equal credits.

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double entry accounting

9. A record or document that contains account summaries for accounts used by a company.

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general ledger

10. An account with an opposite balance.

Oactnr Uaocnct

Contra Account