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XYZ Co. received $3,000 in payments from clients for services billed in a previous month. Which accounts will be affected and by what amounts under the accrual basis of accounting?

On June 1, Unison, Inc. purchased $2,400 worth of supplies on account. Prior to the purchase, the balance in the supplies account was $250. On December 31, the fiscal year-end for Unison, it is determined that $300 of supplies still remain. What is the balance in the supplies account after adjustment?

Shares of ownership are evidenced by issuing _____.

According to which of the following concepts should the expenses incurred when generating revenue be reported in the same period as the related revenue?

The economic performance of a business is of importance to the government because _____.

On May 1, Trinity, Inc. paid $3,600 for an insurance premium on a three-year insurance policy. At the end of December, Trinity’s fiscal year-end, what should be the balance in the prepaid insurance account?

A _____ is an economic event that under generally accepted accounting principles (GAAP) affects an element of the financial statements and must be recorded.

Financing activities_____.

If liabilities total $20,000 and stockholders’ equity totals $70,000, then assets must total _____.

Flyer Co. billed a client for flying lessons given in January. The payment was received in February. Under the accrual basis of accounting, when should Flyer Co. record the revenue?