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fill in the blank questions 20 the property that a business owns is referred to as i 4300161


Fill in the Blank Questions

20.The property that a business owns is referred to as its ___________________.  

21.The debts or obligations of a business are known as its ___________________.  

22.The income statement shows revenue, ___________________, and net income or net loss for a period of time.  

23.The financial interest of the owner in a business is called owner's equity or ___________________.  

24.The account used to record amounts that are owed for goods or services purchased on credit are known as ___________________.  

25.When a business sells services for cash, assets increase and revenue ___________________.  

26.The account used to record amounts that will be collected from charge account customers in the future are referred to as ___________________.  

27.The ____________________ is the financial report that shows the assets, liabilities, and owner's equity of a business on a specific date.  

28.If assets are $17,000 and owner's equity is $10,000, liabilities are ___________________.  

29.When a business pays cash for salaries, assets decrease and expenses ___________________.  

30.Funds taken from the business by the owner for personal use are called ___________________.  

31.The statement of ____________________ reports the changes that have occurred in the owner's financial interest during the reporting period.  

32.When revenue is greater than expenses, the result is a net ___________________.  

33.When revenue and expenses are equal, the firm is said to ___________________.  

34.The three-line heading of a financial statement shows who, what, and ___________________.  


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