8.			Indicate, by letter, which of the above transactions would be reported in the income statement: __________, __________, and __________.
9.			The inflows of assets for services rendered or goods delivered (as measured by the assets received from customers) are called __________, while the assets surrendered or consumed in this process are called __________.
10.			The statement that shows the assets and equities of an entity as of a point in time is called the __________ __________.
11.			The specific unit or organization for which accounting information is accumulated and reported is called the __________. The basis for valuation of assets in accounting is __________.
12.			The __________ concept in accounting refers to the fact that the amounts entered in an accounting system are the objective money prices determined in the exchange process.
13.			If expenses for a period exceed revenues for the same period, the entity is deemed to have suffered a __________ __________.
14.			An income statement is prepared for a __________, while a balance sheet is prepared as of a __________.
15.			Under the __________-__________ concept, the accountant assumes that a business will continue more of less indefinitely.
16.			The __________ __________ is equal to stockholders' equity divided by __________ __________.
17.			The __________ __________ __________ __________ shows the cash inflows and cash outflows for a period of time.

To answer Question #8 answer choices are (a-g)

	a.	Stockholders invested cash in the business
	b.	Borrowed money from a bank
	c.	Purchased equipment on credit
	d.	Rendered services for cash
	e.	Paid creditor in (c)
	f.	Paid monthly rent
	g.	Rendered services for which the customer promised to pay at a later date.

To answer question 9-17 use the following choices below:

Assets

Balance sheet

Corporation

Cost

Date

Economic

Entity

Equities

Equity Ratio

Expenses

Going concern

Income Statement

Liabilities

Monetary

Net Loss

Partnership

Period

Proprietorship

Revenues

Statement of cash flows

Stakeholders equity

Total equities

Transactions