Final Review 7

Match it! Select the correct answer from the pull down...Good luck!

Financial reports are often prepared in pencil.

The income statement represents the basic accounting equation.

Anything of value that is owned or controlled by an individual or a business is called ____.

The balance of the revenue account is transferred to the ____.

The debts of a business are called its ____.

Net income or net loss is the difference between total revenue and total expenses over a specific period of time.

The total amount of money to be received in the future for goods or services sold on credit is the ____.

A net income will increase the owner's capital account.