Blevins Acct Ch 5
| Description: | Blevins - Ch 5 Transactions that effect revenue, expenses, and withdrawals |
| Category: | Business |
| Created by: | sblevins on 2008-12-01 |
| Question | Answer |
| Capital Accounts | Shows the amount of the owner's investment, or equity, in a business. |
| Revenue Accounts | Record Business income only |
| Temporary Capital Accounts | Are used to record information for only one accounting period |
| Expense Accounts | Are used to record the costs and services used by a business. |
| Revenue Recognition Principle | Recognizing and recording revenue on the date it is earned even if cash has not been received on that date. |
| Withdrawal | An amount of money taken out of the business by the owner. |
| Permanent Accounts | Accounts that are used to record information continuosly from one accounting period to the next |
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