ID:A "Pletio. Complete each siatement 11. The business operations for a specific period of time. of ability called the profit and loss statement, reports the 12, shopws a firm's assets, liabilities, and owner's equity as o a specific date is called tihe 13. A(n) assets out of the business for personal use is a reduction in owner's s equity as a result of the owner taking cash or other a resu 14. A(n) 1S. Items that are owned by a business and will provide future 16. A list of all accounts showing the account tit trm an economic event that has a direct impact on the business benefits are called-Aset ist of all accounts showing the account title and the balance of each account is Matching Match the terms with the definitions a. account b. accounts payable c. accounts receivable d. accounting equation e. assets f balance sheet g business entity h. business entity concept i. business transaction j. drawing k. expenses I. income statement m. liability n. net income o. net loss p. notes payable q. owner's equity r. revenues s. statement of owner's equity Reports assets, liabilities, and owner's equity on a specific date 17. S 18. Reports beginning capital, plus net income, less withdrawals to compute ending capital. 19. Consists of the three basic accounting elements: assets liabilities+ owner's equity. 20. An unwritten promise to pay a supplier foe assets purchased or services rendered