Fill in the blank spaces

1. The basic accounting equation, which is also known as the balance sheet equation is: ___________

2. Double-entry accrual accounting requires at least two accounts to change and at least one _______ and one ________ entry

3. ___________ is a form of business organization where all owners have limited liability for the debts of the business

4. The generally accepted accounting principle of ________requires that expenses are recorded in the period with the revenues they help to generate.

5. ___________ is a form of ownership characterized by mutual agency

6. If the owner of a business entity removes assets from the business for personal use without recording their withdrawal, a violation of the __________

7. __________ is a branch of accounting is often limited to preparing and distributing financial reports

8. Using the ______________principle, the actual dollar value of a transaction at the time the transaction occurs is the amount recorded in the accounting records.

9. The generally accepted accounting principles most closely associated with accrual accounting are the ___________ and the _____________

10. A restaurant records the wages that occurred in the period, although these wages have not been paid yet because of the _________ principle

11. The cost of ten replacement wastebaskets is expensed rather than recorded as equipment due to the _________ principle

12. A boat dock is recorded at $22,500 (the amount paid) rather than the original contract price of $25,000 because of the _________ principle