PART II. FILL IN THE BLANK Instruction: Fill in the blank with the missing information. 1. Revenues minus expenses equals _______________________. 2. Resources owned by a company (such as cash, accounts receivable, vehicles) are reported on the balance sheet and are referred to as __________________. 3. Obligations (amounts owed) are reported on the balance sheet and are referred to as ________________. 4. Assets minus liabilities equals ___________________________________. 5. Liabilities often have the word ________________ in their account title. 6. ____________ term is associated with "left" or "left-side". 7. ____________ term is associated with "right" or "right-side". 8. The financial statement with a structure that is similar to the accounting equation is the _____________ _____________.
PART II. FILL IN THE BLANK
Instruction: Fill in the blank with the missing information.
1. Revenues minus expenses equals _______________________.
2. Resources owned by a company (such as cash,
are referred to as __________________.
3. Obligations (amounts owed) are reported on the balance sheet and are referred to as ________________.
4. Assets minus liabilities equals ___________________________________.
5. Liabilities often have the word ________________ in their account title.
6. ____________ term is associated with "left" or "left-side".
7. ____________ term is associated with "right" or "right-side".
8. The financial statement with a structure that is similar to the
_____________.
Step by step
Solved in 2 steps
