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Debts owed by a business are referred to as _____.

Which of the following is an accrued expense?

A deferred expense is initially recorded as a(n) _____.

The accrual basis of accounting recognizes _____.

Revenues received from providing services are referred to as _____.

Cash collected from sales during the normal course of business would be an example of which type of business activity?

Which of the following is normally the result of cash being paid before the expense is incurred?

The portion of a corporation’s net income that is paid out to the stockholders, instead of being retained in the business, is referred to as _____.

The increases in stockholders’ equity attributable to business activities are called _____.

Paying expenses affects which financial statement elements?