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Fill in the blank with these terms : long term, expense, balance sheet, Stockholder's equity,  revenue, current revenue, service, costs, goods Revenues are monies an organization received in exchange for______  and______  it provides. Expenses are the  ______incurred to generate  .______ Net income is the difference between _______  and  . ______ A________  indicates the financial position of an organization at a particular point in time.  ______  assets generally are cash or will become cash within 1 year.   ______ liabilities are obligations that must be paid after 1 year.  ________ consists of contributed capital and retained earnings.

Fill in the blank with these terms : long term, expense, balance sheet, Stockholder's equity,  revenue, current revenue, service, costs, goods Revenues are monies an organization received in exchange for______  and______  it provides. Expenses are the  ______incurred to generate  .______ Net income is the difference between _______  and  . ______ A________  indicates the financial position of an organization at a particular point in time.  ______  assets generally are cash or will become cash within 1 year.   ______ liabilities are obligations that must be paid after 1 year.  ________ consists of contributed capital and retained earnings.

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter3: Analyzing And Recording Transactions
Section: Chapter Questions
Problem 9MC: Which of the following is the principle that a company must recognize revenue in the period in which...
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Fill in the blank with these terms : long term, expense, balance sheet, Stockholder's equity,  revenue, current revenue, service, costs, goods

Revenues are monies an organization received in exchange for______  and______  it provides.

Expenses are the  ______incurred to generate  .______

Net income is the difference between _______  and  . ______

A________  indicates the financial position of an organization at a particular point in time. 

______  assets generally are cash or will become cash within 1 year. 

 ______ liabilities are obligations that must be paid after 1 year. 

________ consists of contributed capital and retained earnings.

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