Prof. Gordon Funk Jr.
Oct 20, 2024
A. economic resources to be used or turned into cash within one year. b. reports assets, liabilities, and stockholders’ equity. c.
A. Economic resources that are expected to be used or converted into cash within one year.
B. A report that outlines assets, liabilities, and stockholders’ equity.
C. A transaction that decreases assets while increasing liabilities and stockholders' equity.
D. A transaction that increases assets while decreasing liabilities and stockholders' equity.
E. An exchange or event that has a direct and measurable financial impact.
F. The accounting principle that accounts for a business as a separate entity from its owners.
G. The principle that assets should be recorded at their original cost to the company.
H. A standardized format used to compile data about each item reported on financial statements.
I. The basic accounting equation.
J. The two fundamental principles in accounting that help ensure accuracy.
K. The account credited when money is borrowed from a bank using a promissory note.
L. Cumulative earnings of a company that have not yet been distributed to the owners.
M. The principle that every transaction has at least two effects.
N. Amounts currently owed by the business.
Terms: transaction, separate entity assumption, balance sheet, liabilities, assets, current assets, notes payable, duality of effects, retained earnings, debit.
2 Answers
Feb 13, 2025
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