Chapter 1/Unit 1 Review Sheet 1/Financial Position Answer or complete the following. KC 1. (a) A financial statement that lists assets, liabilities, and owner's equity as of a specific date is called an) (b) Items of value owned by a business are called (c) Debts of a business are called (d) The owner's claim on a company's assets is called (e) The balance sheet equation is (f) Customers who owe money to a business are called (g) Another term for accounts receivable is (h) Is a debtor of a company an asset or a liability? (i) Companies to whom debts are owed are called I () Another term for accounts payable is (k) Is a creditor of a company an asset or a liability? 2 Fill in the blanks VER K. A 2. Fill in the blanks. Assets Liabilities + Owner's Equity (a) $20 000 $5000 + (b) $70 000 $30 000 (e)s S50 000 + $20 000 K. A 3. The three lines in the heading of a balance sheet answer the questions K.T.C 4. The purpose of accounting is K.C 5. Explain the following terms and principles. liquidity order: cost principle: maturity date rule: K.C. A 6. Prepare a balance sheet for the C. Samji Co. using: accepted accounting terminology and procedures; the form on this review sheet: the following information for September 30, 20 Cash $2000: Bank Loan $10 000: Amounts Owed by Customers $8000; Office Supplies $900; C. Samji, Capital $105 900: Amounts Owed to Creditors $14 000: Building $200 000; Equipment $9000; Mortgage on Building S90 000