SAPTC - QUIZ - Knowledge Test

Which financial statement reports the revenues and expenses for a period of time such as a year or a month?

Which financial statement reports the assets, liabilities, and stockholders' (owner's) equity at a specific date?

Assets are usually reported on the balance sheet at which amount?

Sales Revenues minus Cost of Goods sold equals

Accounting entries involve a minimum of how many accounts?

Which term is associated with "left" or "left side"?

When a company pays a bill, the account Cash will be ?

What will usually cause an asset account to increase?

What will usually cause the liability account Accounts Payable to increase?

Entries to expenses such as Rent Expense are usually