All of the debt a company owes, such as bonds, loans and unpaid bills is called

For every financial transaction entered in the bookkeeping system, the total of the debits must equal the total of the credits?

True or False: Recording a business transaction always requires at least a debit to one account and a credit to a different account.

That part of the equity that the owner invests in the business is known as ...?

When an owner contributes additional money to a business, the equity ....?

For every debit there is a ----------------------------

What does Accounts Payable show?

Documents used to control a bank account include the following except

Home Depot. Inc. had net purchases of $50,000, closing inventory of $25,000, net sales of $100,000, and gross profit of $32,000. How much was their opening inventory?

If a bank account does not reconcile, what's the best thing to do?

Wilson & Co. owns land which has cost it $100,000. If a "quick sale" of the land were necessary to generate cash, the Co. feels it would receive only $80,000. The Co. continues to report the asset on the balance sheet at $100,000. Under which of the following concepts is it justified?