Down (Accounting Basics 1) 1. The financial statement that reports the financial position of a company as of an instant or point in time is the sheet 2. The balance sheet classification that reports the obligations of the company. 5. The book value of an asset or liability is also known as the 6. Resources owned by a company 7. An entry to the left-side of an account. 9. The basic accounting 10. Every transaction that gets recorded in the general ledger involves 11. Some people refer to the roome statement as the profit and- 12. Because the accounting system used in the U.S. requires at leastone debit and one credit, we amount is Assets Liabiles + Owner's Equity. or more accounts. statement. refer b the accounting system as entry 14. The financial statoment that reports tho rovenues and exponses of a company for a period of time is the 16. One part of stockholders equity is 19. In the case of two acceptable aitematives, this guideline directs the accountant to select the statement eamings alternative that results in less profit and less asset (or more liability) 20. An entry to the right-side of an account. 21. The required financial statements include the balance sheet the mome statement, and statement of cash 23. The owner's equity section of a corporation's balance sheet is known as shareholders equity or equity. 26. Most liability accounts have this word as part of their title 27, The title of the liability account that reports amounts that were received by the company before they were earned is Deferred Revenues or 28. Aising of al of the accounts available in the general ledger is a 29. Sometimes inventory is reported at an amount that is 31. The income statement and the statement of cash flows report amounts covering a han cost. of time