QUIZ 5 : TOPIC 2 [BASIC ACCOUNTING CONCEPTS]

Economic resources owned by the business are referred to __________________.

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

________________ are obligations of a business to others.

An increase in capital arising from the sale of merchandise is called ________________.

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

Resources used up in producing goods or services are called ________________.

If revenue exceed expenses, the difference is called ________________.

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

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

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