INSTRUCTIONS: Answer the following questions or complete the statements by writing the appropriate words or amounts in the Answers column. Answers 0. An information system that provides essential information about the economic activities of an entity is called accounting ..... 1. A business owned by one individual is called a(n) 2. A business entity in which ownership is divided up into shares is called a(n) 3. Accountants who provide services to many clients are engaged in 4. Resources owned by a business are called 5. A business entity in which ownership is shared by several individuals is called a(n) 6. Principles that guide the conduct of businesses are referred to as 7. Rules of accounting and disclosure for financial reporting are 8. The expression "Assets = Liabilities + Owner's Equity" is known as the 9. The four most common financial statements for a proprietorship are: а. b. с. d. 10. Amounts owed by customers that result from sales on account are referred to as

INSTRUCTIONS: Answer the following questions or complete the statements by writing the appropriate words or amounts in the Answers column. Answers 0. An information system that provides essential information about the economic activities of an entity is called accounting ..... 1. A business owned by one individual is called a(n) 2. A business entity in which ownership is divided up into shares is called a(n) 3. Accountants who provide services to many clients are engaged in 4. Resources owned by a business are called 5. A business entity in which ownership is shared by several individuals is called a(n) 6. Principles that guide the conduct of businesses are referred to as 7. Rules of accounting and disclosure for financial reporting are 8. The expression "Assets = Liabilities + Owner's Equity" is known as the 9. The four most common financial statements for a proprietorship are: а. b. с. d. 10. Amounts owed by customers that result from sales on account are referred to as

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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