unit11

A balance sheet shows the financial ................. that a company has at a point in time and where they came from

• records

• . resources          

• returns

• . revenues

It is an instant photograph that displays the company's financial ................. at the end of a business month, quarter or year.

• . explanation

• . position

• publication

• station

The ................. of accounts is a listing of the accounts that are reflected in the financial statements

• book   

• chart

• . table

• outline

Assets are divided into three categories: Current Assets, Fixed Assets, and ................. Assets.

• . current fixed

• different

• fixed current

• . other

Assets are often listed in the order of their ................. - which means how easy it would be to convert each asset into cash

• complexity

• . liquidity

• security

• . simplicity

If the assets of a company are greater than its liabilities, then the equity of the business is the positive ................. between the two numbers.

• calculation

• difference

• . dividend

• . sum

Liabilities are ................. or others stemming from goods or services received by the company.

• obligations

• debts

• outstanding

• . owed

Current assets will likely be turned into cash or converted into a(n) ................. within a year.

•  bonus               

• expense

• option

• stock

When the company borrows money from its bank, the company's assets increase and the company's ................. increase

• . depreciation

• . value

• . income

• . liabilities

If the company runs a radio advertisement and agrees to pay later, the company will incur a/an ................. that will reduce owner's equity and has increased its liabilities.

• agreement

• negotiation

• . expense

• revenue