Answer to Question #347068 in Management for ae dion

Question

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 _