MBA - Managerial Accounting double-entry bookkeeping system Correct Answer: Records not only the use of the funds expended in the transaction, but also the source of the funds expended in the transaction.

double-entry bookkeeping system Correct Answer: Records not only the use of the funds expended in the transaction, but also the source of the funds expended in the transaction. Italy Correct Answer: double-entry bookkeeping system was originally developed in... credits Correct Answer: sources of funds are always recorded as... debits Correct Answer: uses of funds are always recorded as... books of original entry or sources of original entry Correct Answer: various types of journals, ledgers, registers and source documents... general ledger Correct Answer: a collection in one place of all the unsorted debits and credits that have been recorded on the various books and sources of original entry... trial balance Correct Answer: adding up all of the debits in the general ledger and all of the credits in the general ledger to make sure that all of the debits are equal to all of the credits credit or source of funds Correct Answer: owner's equity is a... source of funds Correct Answer: credit = credit Correct Answer: a liability is a... uses of funds Correct Answer: all debits are... credit entry Correct Answer: to reduce the amount in an account with a debit balance, it takes a... debit entry Correct Answer: to reduce the amount in account with a credit balance, it takes a... asset Correct Answer: a cost with income earnings potential or residual value capital contributions Correct Answer: Owner's contributions are called... retained earnings Correct Answer: accumulated company earnings are called... owner's equity Correct Answer: capital contributions plus retained earnings are called... liability or debt equity Correct Answer: in proper accounting vernacular, debt is called... Total Assets = Total Liabilities + Owner's Equity Correct Answer: basic formula for the Balance Sheet expense Correct Answer: when an asset is used to generate income, it is called...