17. Resources owned by a business that provide future services or benefits are called _____________, they are increased by a _________________ and can be found on a _______________________________. A. Assets / Debit / Balance Sheet B. Equity / Credit / Balance Sheet C. Assets / Credit / Income Statement D. Equity / Credit / Statement of Owners Equity

18. A snapshot statement of a companys financial position at a specific date. A. Income Statement B. Balance Sheet C. Statement of Owners Equity D. Cash Flow Statement

19. System that collects and processes data from transactions, organizes them into useful reports and communicates results to decision makers. A. Internal Control System B. Journal & Ledger System C. Financial Statement System D. Accounting Information System

20. Identifies cash inflows and outflows over a period of time. A. Income Statement B. Statement of Cash Flows C. Balance Sheet D. Statement of Partnership Equity

21. Reports revenues earned less expenses incurred over a period of time. A. Statement of Owners Equity B. Trial Balance C. Statement of Cash Flows D. Income Statement

22. An accounting method that recognizes revenues when earned and expenses when incurred. A. Accrual Basis B. Systematic Basis C. Cash Basis D. Rational Basis

23. A creditor's claims on the assets of a company are called _______________, the balance is increased by a _________________and they can be found on a(n) __________________. A. Owners Equity / Credit / Statement of Owners Equity B. Liabilities / Credit / Balance Sheet C. Bad Debt Expense / Debit / Income Statement D. Allowance for Doubtful Accounts / Credit / Balance Sheet

24. Expense created by allocating the cost of a plant asset over a period of time. A. Depletion B. Amortization C. Depreciation D. Bad Debt