The Matching Principle states that expenses, as well as any revenues that may not yet have been dealt with in this fiscal period, must be recorded to make the Income Statement and Balance Sheet accurate.

________   _______ is a Current Asset type of account, because it is a service that we are owed by another person or business.

The capital account is usually designated a temporary account in the closing process.

The Declining Balance Method of calculating Depreciation Expense takes a given percentage of the Book Value of the asset each year as the Annual Depreciation Expense.   Brick buildings are the most durable building and therefore would be depreciated at 20%.

A taxi ride costs $6.00 to start plus $2.50 per mile.  a. Write an equation for the total cost y after x miles.b. Find the cost after 8 miles.

Compare slopes: m = 0.2 and m = 1.5.  Describe which graph is steeper and what that means in context.

Line A has slope 0.5 and Line B has slope 2.a.  Which line is steeper?b.  Which line increases faster?  Explain using slope.

The left side of a T-account is known as the credit side, while the right side is known as the debit side.

In every transaction, something of value is given and something of value is received.

In the owner takes business equipment for personal use, it does not constitute a change in business capital.