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The ____________________ process gives zero balances to the temporary accounts so
that they can accumulate information for the next accounting period.
The cash basis of accounting is used by some small businesses and by most individuals
for tax purposes.
"Adjusting" is written in the Item column of the general ledger when posting adjusting
entries.
To increase a liability account will require a(n) ____________________ to the account.
A business that buys a product from another business to sell to customers is called a(n)
____________________ business.
A(n) ____________________ identifies the employer on all payroll forms and reports
filed with the IRS.
Social Security, Medicare, FUTA, and SUTA taxes have separate liability accounts.
The act of entering transactions in the journal is known as ____________________.
An income statement is an itemized statement that provides information regarding the
status of the assets, liabilities, and owner's equity of a business enterprise as of a
specified date.
The purpose and use of the income summary account is to summarize the difference
between revenues and expenses.
