Directions: Choose the term being described from the given choices below. only the letters of your answers on a separate sheet of paper. Write A. accrued income F. cash G. owner's equity B. non- current asset C. notes receivable H. intangible assets I. liability J. chart of accounts D. income E. rent expense 1. It is the debt of the company payable in money, goods, or services. 2. It is the list of all accounts of the company that is being used by the firm to their financial records. 3. These are non-monetary assets but identifiable although without

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Directions: Choose the term being described from the given choices below. Write
only the letters of your answers on a separate sheet of paper.
A. accrued income
F. cash
G. owner's equity
H. intangible assets
I. liability
J. chart of accounts
B. non- current asset
C. notes receivable
D. income
E. rent expense
1. It is the debt of the company payable in money, goods, or services.
2. It is the list of all accounts of the company that is being used by the
firm to their financial records.
3. These are non-monetary assets but identifiable although without
physical substance.
4. It is the claim of the owner on the business.
5. It is the most liquid asset which can be given and taken easily.
6. It is an expense for lease like office space, building space, and land.
7. Examples of this are service revenue and sales.
8. It is a written note from the customer to pay his account on a given
time and date.
9. Property Plant and Equipment (PPE), land, and buildings are
examples of these.
10. This account title is a revenue earned but not yet collected.
Transcribed Image Text:Directions: Choose the term being described from the given choices below. Write only the letters of your answers on a separate sheet of paper. A. accrued income F. cash G. owner's equity H. intangible assets I. liability J. chart of accounts B. non- current asset C. notes receivable D. income E. rent expense 1. It is the debt of the company payable in money, goods, or services. 2. It is the list of all accounts of the company that is being used by the firm to their financial records. 3. These are non-monetary assets but identifiable although without physical substance. 4. It is the claim of the owner on the business. 5. It is the most liquid asset which can be given and taken easily. 6. It is an expense for lease like office space, building space, and land. 7. Examples of this are service revenue and sales. 8. It is a written note from the customer to pay his account on a given time and date. 9. Property Plant and Equipment (PPE), land, and buildings are examples of these. 10. This account title is a revenue earned but not yet collected.
Cash
Tangible Assets
Notes Payable
Сapital
Prepaid Expenses
Inventories
Long term Investments
Income
Current Liabilities
Expense
1. It is a medium of exchange on business transactions.
2. These are the bills paid in advance.
3. These are the assets / resources that are held for resale.
4. These are the investments of the firm made for long term purposes.
5. These are obligations that reach their due dates for payments within
one year after the year-end date.
6. Examples of this are cash, supplies and furniture and fixtures.
7. Debts that are supported with written notes or promises.
8. These are worth of cash and other assets invested in the business.
9. It is the increase in resources resulting from the performance of service
or selling of goods.
10.lt is the decrease in resources resulting from the operations of the
business.
Transcribed Image Text:Cash Tangible Assets Notes Payable Сapital Prepaid Expenses Inventories Long term Investments Income Current Liabilities Expense 1. It is a medium of exchange on business transactions. 2. These are the bills paid in advance. 3. These are the assets / resources that are held for resale. 4. These are the investments of the firm made for long term purposes. 5. These are obligations that reach their due dates for payments within one year after the year-end date. 6. Examples of this are cash, supplies and furniture and fixtures. 7. Debts that are supported with written notes or promises. 8. These are worth of cash and other assets invested in the business. 9. It is the increase in resources resulting from the performance of service or selling of goods. 10.lt is the decrease in resources resulting from the operations of the business.
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