|Accounting Equation #1||Open|
1) Liabilities are amounts _______ by a company.
2) The collection of an account receivable will affect two _________ accounts.
3) Double-entry accounting is a key reason why the accounting ______________ remains in balance.
4) Along with owner's equity these are claims against a company's assets.
5) This word is often part of the account title of liabilities.
6) The accounting equation remains in balance because of the accounting system known as __________-entry.
7) The financial statement with a structure similar to the accounting equation is the __________ sheet.
8) Revenues + gains – expenses – losses = _____ income.
9) The balance sheet reports the financial position of a company at a moment or ________ in time.
10) A listing of all the accounts to which amounts can be posted is the ___________ of accounts.
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