Miscellaneous Quiz / Advanced Accounting 301

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Can you name the accounting terms?

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board created by the Sarbanes-Oxley Act that oversees public accounting profession
governs the timing of revenue recognition
offsets revenue with expenses incurred in producing that revenue
responsible for determining generally accepted accounting principles
What is net income if income summary account has debits of $85,000 and credits of $75,000
if fee is received in advance for rental of a truck, what is credited?
if total assets equal $375,000 and total owners' equity equals $247,000, then total liabilities must equal
establishes International Financial Reporting Standards:
When closing, all revenue accounts are:
owners of capital stock in a corporation
Assets = Liabilities + ______
Current Assets - Current Liabilities =
Prepaid Expense is a(n)
When closing expense accounts, what is debited?

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