Accounting One-liner
Revenue is recognized when it is earned, regardless of cash receipt —
When earned
Double-entry bookkeeping affects how many accounts per transaction —
Two
Balance sheet reflects the financial position on a particular date —
Specific date
Depreciation accounts for which financial effect —
Decrease in asset value
Outstanding expenses are classified under which section in accounts —
Liabilities
Ledger serves which function in accounting —
Summarizing journal entries
Capital introduced by an owner is categorized as —
Equity
Salaries paid in advance are reported as —
Current asset
Trial balance confirms which aspect of accounts —
Debits equal credits
Accrued income is shown as which type of item —
Asset
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