Question Blank $1$ of $6$ is a statement that lists the cash inflows and cash outflows for the business$$for a period of time.

$1.$

Question Blank $2$ of $6$

$$basis accounting: transactions $($i$.$e$.,$ a sale or a purchase$)$ are not recorded in the financial statements until there is an exchange of cash. This type of accounting is permitted for nonprofit entities and small businesses that elect to use this type of accounting.

$2.$

Question Blank $3$ of $6$

$$basis accounting: transactions are generally recorded in the financial statement when the transactions occur, and not when paid; although in some situations, the two events could happen on the same day.

An asset that will be used or consumed in one year or less will be classified as a

Question Blank $4$ of $6$

$$asset$.$ If the asset will be used or consumed over more than one year, it is classified as a$$

Question Blank $5$ of $6$

asset.

A liability that will be settled in one year or less $($generally$)$ is classified as a current