Accounting is an information and measurement system that (a) identifies econom
records economic activities, (c) communicates economic information, and (d) helps people make better d
What is accounting?Answer:
OPPORTUNITIES AND TYPES OF ACCOUNTI
CHAPTER 3: Adjusting Entries
Supplies expense (supplies used) for the year
= $2,000 + $7,000 = $9,000 - $1,700
A. The account Supplies began the year with a $200 debit balance. The income statement for the year showed $400 of
supplies expense, an
PRINCIPLES OF ACCOUNTING I
TEST REVIEW 1B ANSWERS
CHAPTERS 1 4
CHAPTER 1: Accounting in Business
Accounting in the Information Age
Question 1-1: What is accounting?
Accounting is an information and measurement system that (a) identifies economic a
What are unearned revenues?Answer:
Increases to owners equity.
Liabilities created by advance cash payments from customers for products or services.
Recorded as an asset in the accounting records.
Revenues that have been earned and received.