Solved by verified expert :231. In
accounting, the rule that requires that assets, services, and liabilities be
recorded initially at the cash or cash-equivalent value of what was given up or
of the item received is called _____________________________.
________________________________________
232. A
disadvantage of a sole proprietorship is the fact that the owner has
__________________.
________________________________________
233. There
are at least three types of partnerships that limit the partners’ liability.
They are 1)
_______________________,
2) __________________, and 3) ______________________.
________________________________________
234. ________________
activities are the means organizations use to pay for resources such as land,
building, and equipment.
________________________________________
235. ________________
activities involve the acquisition and disposal of resources that an
organization uses to acquire and sell its products or services.
________________________________________
236. ______________
activities involve using resources to research, develop, purchase, produce,
distribute, and market products and services.
________________________________________
1-63
Chapter
01 – Accounting in Business
238. Assets
removed from the business by the business owner for personal use are called
___________.
________________________________________
239. ____________
are the increases in equity from a company’s earnings activities
________________________________________
240. A
common characteristic of __________ is their ability to provide expected future
benefits to a business.
________________________________________
241. Creditors
claims on assets that reflect obligations to transfer assets are called
____________.
________________________________________
