QUIZ 5 : TOPIC 2 [BASIC ACCOUNTING CONCEPTS]

Economic resources owned by the business are referred to (a)   .

The net income for a period of time is shown in the (a)   statement.

(a)   are obligations of a business to others.

An increase in capital arising from the sale of merchandise is called (a)   .

A decrease in capital due to performing a function necessary for obtaining revenue is termed a (n) (a)   .

Resources used up in producing goods or services are called (a)   .

If revenue exceed expenses, the difference is called (a)   .

Under accrual accounting, revenue is recognized when ________________ and expenses are recognized when _________________.

(a)  

When the owner of a business withdraws money for personal use, the _____________ account and _______________ will be reduced.

(a)  

Listed in the Financial Position Statement are the _________________, ____________________ and ___________________ .

(a)