I. It is a medium of exchange on business transactions. _2. These are the bills paid in advance. 3. These are the assets / resources that are held for resale. 4. These are the investments of the firm made for long term purposes. 5. These are obligations that reach their due dates for payments within
I. It is a medium of exchange on business transactions. _2. These are the bills paid in advance. 3. These are the assets / resources that are held for resale. 4. These are the investments of the firm made for long term purposes. 5. These are obligations that reach their due dates for payments within
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Cash
Tangible Assets
Notes Payable
Саpital
Income
Prepaid Expenses
Inventories
Long term Investments
Current Liabilities
Еxpense
1. It is a medium of exchange on business transactions.
2. These are the bills paid in advance.
3. These are the assets / resources that are held for resale.
_4. These are the investments of the firm made for long term purposes.
_5. These are obligations that reach their due dates for payments within
one year after the year-end date.
_6. Examples of this are cash, supplies and furniture and fixtures.
_7. Debts that are supported with written notes or promises.
_8. These are worth of cash and other assets invested in the business.
_9. It is the increase in resources resulting from the performance of service
or selling of goods.
_10.lt is the decrease in resources resulting from the operations of the
business.
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