ACCT

1. ----------are the amounts of cash or other assets taken by the owner from the business for personal use.

2. The excess of current assets over current liabilities is called .......................

3. -----------------is the process that provides information needed as a basis for making business decisions.

4. ..................................are assets that are purchased for permanent use in the business.

5. -----------------accounts exist even after the close of accounting year.

6. A balance sheet is a statement of assets and ----------------of a business.

7. The two types of transactions are ---------------------------------.

8. 8. Recording two aspects of each transaction is known as the --------------------system.

9. A person who owns a business alone is called a ------------------------.

10. The amount of cash and goods that the owner of a business invests in the business is known as --------- .