6. Documents such as invoices, checks, purchase orders, receiving reports, and sales slips are called source documents.
7. A credit is an entry in the financial books of a business that increases an asset or expense and that decreases a liability, revenue, or owner's equity account.
8. A Single Step Income Statement contains a line item for Gross Profit.
9. All accounts that normally have a debit balance are increased with a credit and decreased with a debit.
10. The chart of accounts is simply an organized coded listing of all the individual accounts used to record financial transactions.
