1. Revenues minus expenses equal

__________

2. Resources owned by a company (such as cash, accounts receivable, vehicles) are reported on the balance sheet and are referred to as

__________

.

3. Assets are usually reported on the balance sheet at which amount?

Cost

Current Market Value

Expected Selling Price

4. Obligations (amounts owed) are reported on the balance sheet and are referred to as

__________

.

5. Liabilities often have the word

__________

In their account title