which term is associated with “left†or “left-side†of balance sheet
1. under the accrual basis of accounting, revenues are reported in the accounting period when the
a) Cash is received
b) Service or goods have been delivered
2. assets are usually reported on the balance sheet at which amount?
a) Cost
b) Current market value
c) Expected selling price
3.unearned revenues is what type of account?
Asset
a) Liability
b) Stockholder- (owner-) equity
4. accounting enteries under double entry book keeping system involve a minimum of how many accounts for a transaction?
a) One
b) Two
c) Three
5. which term is associated with “left†or “left-side†of balance sheet?
a) Debit
b) Credit
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