Question
1.) Use the following terms to fill in the correct answers. a. Assets b. Liabilities c. Equity/Net Assets d. Revenues e. Expenses f. Surplus or
1.) Use the following terms to fill in the correct answers.
a. Assets b. Liabilities c. Equity/Net Assets d. Revenues e. Expenses f. Surplus or Deficit/Change in Net Assets An operating statement for an organization lists the
____________,
____________, and
____________; while the balance sheet presents an organizations
____________,
____________, and
____________.
2. The GAAP concept that values assets at what an organization paid for them at acquisition is termed:
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3. Select all of the following accounts that would be considered assets.
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