Chapter 2 Homework i Saved Help Save & Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 0.5 points A. Economic resources to be used or turned into cash within one year. B. Reports assets, liabilities, and stockholders' equity. c. Decrease assets; increase liabilities and stockholders' equity. ssets; decrease liabilities and stockholders' equity. E. An exchange or event that has a direct and measurable financial effect. F. Accounts for a business separate from its owners. recorded at their original cost to the company. H. A standardized format used to accumulate data about each item reported on financial statements. I. The basic accounting equation. J. The two equalities in accounting that aid in providing accuracy. K. The account credited when money is borrowed from a bank using a promissory note. L. Cumulative earnings of a company that have not yet been distributed to the owners. M. Every transaction has at least two effects. N. Amounts presently owed by the business. & Answer is complete but not entirely correct. Definition Term Transaction Separate Entity Assumption Balance Sheet Liabilities Assets = Liabilities + Stockholders' Equity Current Assets Notes Payable Duality of Effects Retained Earnings Debit OOOOOOOOOO 7. 8. 9. 10. K