1. Choose the correct answer from the words/phrases inside the box. Notes receivable Utilities payable Capital Bookkeeping Inventory Journal Invoice Financial condition Account title Accounts receivable Purchase order Official receipt Drawing Assets Liabilities Income statement Service Business Manufacturing business Merchandising business. Operating expenses 1. It refers to the recording of business transactions in the books of the business. 2. It is the book of original entry. All business transactions are recorded here chronological 3. It provides the description of the type and nature of the business transactions. 4. It describes collectibles from customers who made sales transactions on credit. 5. It describes collectibles that are supported with promissory notes. 6. It describes unsold goods that are intended for sale. 7. It describes the unpaid obligations on light and water consumptions. 8. It describes the original and additional investment of the owner. 9. It describes the temporary withdrawal of capacity by the owner 0. It is an official business document issued by the buyer to the seller of goods 1. It is a commercial business document issued by the seller to the buyer 2. It is a commercial document that indicates payment or receipt of cash. 3. A financial statement that shows the result of operations for a given period. It consists The revenue, cost, and expenses. 14. A business operation engaged in the rendering of services. 15. A type of business that is engaged in the production of items to be sold. 16. Economic resources owned by the business expected for future gain. They are proper and rights of value earned by the business. 17. It is the economic obligations of the business. It includes debts, obligations to pay, and claims of the creditors on the assets of the business. 18. A type of business engaged in the buying and selling of goods. 19. It presents the different expenses incurred by the business during the period. 20. It refers to the liquidity and solvency or stability of the business.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1. Choose the correct answer from the words/phrases inside the box.
Notes receivable
Utilities payable
Capital
Bookkeeping
Inventory
Journal
Invoice
Financial condition
Account title
Accounts receivable
Purchase order
Official receipt
Drawing
Assets
Liabilities
Income statement
Service Business
Manufacturing business
Merchandising business.
Operating expenses
1. It refers to the recording of business transactions in the books of the business.
2. It is the book of original entry. All business transactions are recorded here chronologically.
3. It provides the description of the type and nature of the business transactions.
4. It describes collectibles from customers who made sales transactions on credit.
5. It describes collectibles that are supported with promissory notes.
6. It describes unsold goods that are intended for sale.
7. It describes the unpaid obligations on light and water consumptions.
8. It describes the original and additional investment of the owner.
9. It describes the temporary withdrawal of capacity by the owner
0. It is an official business document issued by the buyer to the seller of goods
1. It is a commercial business document issued by the seller to the buyer
2. It is a commercial document that indicates payment or receipt of cash.
3. A financial statement that shows the result of operations for a given period. It consists of
The revenue, cost, and expenses.
14. A business operation engaged in the rendering of services.
15. A type of business that is engaged in the production of items to be sold.
16. Economic resources owned by the business expected for future gain. They are property
and rights of value earned by the business.
17. It is the economic obligations of the business. It includes debts, obligations to pay, and
claims of the creditors on the assets of the business.
18. A type of business engaged in the buying and selling of goods.
19. It presents the different expenses incurred by the business during the period.
20. It refers to the liquidity and solvency or stability of the business.
Transcribed Image Text:1. Choose the correct answer from the words/phrases inside the box. Notes receivable Utilities payable Capital Bookkeeping Inventory Journal Invoice Financial condition Account title Accounts receivable Purchase order Official receipt Drawing Assets Liabilities Income statement Service Business Manufacturing business Merchandising business. Operating expenses 1. It refers to the recording of business transactions in the books of the business. 2. It is the book of original entry. All business transactions are recorded here chronologically. 3. It provides the description of the type and nature of the business transactions. 4. It describes collectibles from customers who made sales transactions on credit. 5. It describes collectibles that are supported with promissory notes. 6. It describes unsold goods that are intended for sale. 7. It describes the unpaid obligations on light and water consumptions. 8. It describes the original and additional investment of the owner. 9. It describes the temporary withdrawal of capacity by the owner 0. It is an official business document issued by the buyer to the seller of goods 1. It is a commercial business document issued by the seller to the buyer 2. It is a commercial document that indicates payment or receipt of cash. 3. A financial statement that shows the result of operations for a given period. It consists of The revenue, cost, and expenses. 14. A business operation engaged in the rendering of services. 15. A type of business that is engaged in the production of items to be sold. 16. Economic resources owned by the business expected for future gain. They are property and rights of value earned by the business. 17. It is the economic obligations of the business. It includes debts, obligations to pay, and claims of the creditors on the assets of the business. 18. A type of business engaged in the buying and selling of goods. 19. It presents the different expenses incurred by the business during the period. 20. It refers to the liquidity and solvency or stability of the business.
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