1. are the amounts of cash or other assets taken by the owner from the business for personal use. See answer 2. The excess of current assets over current liabilities is called . See answer 3. is the process that provides information needed as a basis for making business decisions. See answer 4. are assets that are purchased for permanent use in the business. See answer 5. accounts exist even after the close of accounting year. See answer 6. A balance sheet is a statement of assets and of a business. See answer 7. A balance sheet shows the of a business entity. See answer 8. Current assets are more liquid than assets. See answer 9. Current liabilities are liabilities that are payable within . See answer 10. The claims of creditors against the assets of a business are said to be . See answer 11. Assets that can be converted into cash within one year of the operating cycle are called . See answer 12. The two types of transactions are . See answer 13. Recording two aspects of each transaction is known as the system. See answer 14. The difference between assets and liabilities represents . See answer 15. is the interest of owners in a business. See answer 16. An action undertaken to earn profit is called . See answer 17. A person who owns a business alone is called a . See answer 18. The amount of cash and goods that the owner of a business invests in the business is known as . See answer 19. A dealing between two persons or things is a . See answer 20. Goods sold in the course of trading are called . See answer 21. Recording business transactions in a set of books is known as . See answer 22. Money owed to an outsider is referred to as . See answer 23. Goods purchased for resale are called . See answer 24. Business property is called . See answer 25. Withdrawal of cash or merchandise for personal use is called . See answer Introduction to Accounting: Fill in the Blanks FAQs What is Merchandise? Merchandise is used to describe any such product that you can buy or sell, including groceries in a supermarket, clothes in a retail store and electronics on a website. What is Drawing in accounting? In accounting, Drawing generally refers to the action of taking funds from an account or company holdings for personal use. What does a bookkeeper do? Bookkeepers record, categorize, and total all of an organizations financial transactions. They record debits (costs) and credits (income). They also produce Financial Statements and other reports for supervisors and managers. What is Working Capital? Working Capital is a company's net amount of cash, Accounts Receivable, and inventories minus its net amount of liabilities, such as its debts and unpaid bills. What are Fixed Assets? Fixed Assets are assets that a company uses to produce its goods and services, including buildings, machinery, vehicles, computers and electronic equipment, and furniture. About the Author True Tamplin, BSc, CEPF® Facebook Linkedin Instagram Twitter Youtube True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists. True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide, a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics. To learn more about True, visit his personal website or view his author profiles on Amazon, Nasdaq and Forbes.
1. are the amounts of cash or other assets taken by the owner from the business for personal use. See answer 2. The excess of current assets over current liabilities is called . See answer 3. is the process that provides information needed as a basis for making business decisions. See answer 4. are assets that are purchased for permanent use in the business. See answer 5. accounts exist even after the close of accounting year. See answer 6. A balance sheet is a statement of assets and of a business. See answer 7. A balance sheet shows the of a business entity. See answer 8. Current assets are more liquid than assets. See answer 9. Current liabilities are liabilities that are payable within . See answer 10. The claims of creditors against the assets of a business are said to be . See answer 11. Assets that can be converted into cash within one year of the operating cycle are called . See answer 12. The two types of transactions are . See answer 13. Recording two aspects of each transaction is known as the system. See answer 14. The difference between assets and liabilities represents . See answer 15. is the interest of owners in a business. See answer 16. An action undertaken to earn profit is called . See answer 17. A person who owns a business alone is called a . See answer 18. The amount of cash and goods that the owner of a business invests in the business is known as . See answer 19. A dealing between two persons or things is a . See answer 20. Goods sold in the course of trading are called . See answer 21. Recording business transactions in a set of books is known as . See answer 22. Money owed to an outsider is referred to as . See answer 23. Goods purchased for resale are called . See answer 24. Business property is called . See answer 25. Withdrawal of cash or merchandise for personal use is called . See answer