6. The authoritative body that currently has primary responsibility for the 6_ development of GAAP is 7- The excess of expenses over revenues is referred to as 8. Amounts owed by a business to others are referred to as 9. Resources consumed or services used in the process of earning revenue are called 10. Land was offered for sale at $200,000. If you paid $175,000 for the land, the amount that you would record for the purchase of the land in the accounting records is 10 11 Insurance premiums paild in advance are considered to be assets and are called 12. Assets are financed by two sources:(1) stockholders' equity and (2) 13. The liabilities that result from purchases on account are refered to as.. 14. 12_ 13 If operations for an accounting period resulted in fees for cash of $40,000 and fees on account for $85,000, the amount of revenue for the period was If operations for an accounting period resulted in fees for cash of $25,000, fees on account of $30,000, and expenses paid in cash of $50,000, did the period? 15. 5 18 What was the amount of net income or net loss indicated in Question 15? 16. 17. A statement detailing the change in cash during a period of time is a(n) 18. Principles that guide the conduct of businesses are referred to as 19. 8 The relationship of Assets Liabilities plus Owner's Equity is referred to 19 as the 20- The form of the balance sheet with the liability and owners egity 20. sections presented next to the assets section is called 21. If liabilities are $65,000 and stockholders' equity is $35,000, the amount 22. If assets are $205,000 and stockholders' equity is $75,000, the amount 23. If total assets increased by $30,000 and liabilities increased by $20,000 21 of the assets is of the liabilities is during the period, did stockholders' equity increase or decrease during the period, and if so, by how much? 23. The stockholders' equity at the beginning of the period was $55,000, at the end of the period, assets were $200,000 and liabilities were $89,000. If the owner made no additional investments or paid dividends during the period, did the business incur a net income or a net loss for the period? 24. 24. 25. What was the amount of net income or net loss indicated in Question 24? 25. 26. If assets are $199,000 and stockholders' equity is $56,000, the amount of liabilities is 26. NOTE: No credit is given for a partially correct