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21. May be defined as the economic resources of a business that possess monetary values, and that it can be bought or sold a.. Assets b. liabilities c. Owner's equity d. contingencies 22. Has a two-fold effect on assets, liabilities and owner's equity of the business. a. business papers b. commercial papers c. business transaction d. none of the above 23. Evidence of claim sent by the seller to the buyer for damaged or returned items. a. credit memo b. purchase invoice c. sales invoice d. payment voucher 24. Cost incurred by a business in the process of generating revenue. a. service income b. accounts payable c. expense d. unearned income 25. Consists of assets received by an entity arising from the sale of goods or the performance of service to the customer. a.. Expense b. accrued c. unearned income d. revenue 26. Represent the equity or right of the owner for cash invested or put into the business. a. asset b. capital c. liabilities d. revenue 27. Recognized the value received and value parted with of a transaction. a. simple entry bookkeeping c. double entry bookkeeping b. memorandum entry d. transaction entry 28. Acquisition of assets on account may result into. a. Increase in assets = increase in owner's equity c. increase in assets = decrease in other assets b. Increase in assets = increase in liabilities d. decrease in assets = decrease in owner's equity 29. Owner's equity may be increased by: a. owner's withdrawals c. borrowing from the bank b. expense incurred by the business d. revenue or income generated by business 30. A debit records an increase in a. income b. capital c. liability d. assets