Problem 2
Fill in the Blanks
a. Increases in the capital account are _?
b. Increases in income accounts are_?
c. Increases in expense accounts are _?
d. The difference between assets and liabilities is _?
e. Financial events that occur in a business are termed _?
f. An investment (by the owner) in the business increases _ and _
g. To acquire “on account” is to create a_
h. The transaction description “paid on account” means a reduction of the asset _an reduction of the
liability_
i. Income increases net assets and also _
j. A withdrawal of cash for owner’s personal use reduces cash and _
k. The left side of the account is known as the _ whereas the right side is the _
l. Increases in asset accounts are _ Increases in liabilities accounts are _
Comments
Leave a comment