Unlock document.
This document is partially blurred.
Unlock all pages and 1 million more documents.
Get Access
Accounting for revenue on a cash basis means that no entry of revenue is made in the
account until the cash is received for the services performed.
Current assets include cash and other assets that will be converted into cash or
consumed within one year or the normal operating cycle of the business, whichever is
longer.
The bank in which the depositor has money on deposit is known as the drawer.
____________________ are assets of a durable nature that are expected to provide
benefit to the business over several years.
The chart of accounts includes assets, liabilities, and owner's equity accounts only.
A separate line in the two-column journal should be used for each account title.
The due date for payroll taxes is the last day of each fiscal quarter: March 31, June 30,
September 30, and December 31.
The difference between the asset account and the contra-asset account is known as the
____________________.
A partnership is owned by stockholders or shareholders.
The Social Security Tax Payable account is debited for Social Security taxes withheld
and Social Security taxes imposed on the employer.
