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Long-term liabilities or ____________________ are obligations that are not expected
to be paid within a year and do not require the use of current assets.
Under the ____________________ principle, assets are recorded at their actual cost,
and this cost remains on the books as long as the business owns an asset.
Match the letter corresponding to one of the basic elements of accounting to each of the
accounts below.
A = Asset
L = Liability
OE = Owner's Equity
R = Revenue
E = Expense
According to the ____________________, nonbusiness assets and liabilities are not
included in the business entity's accounting records.
A cash shortage is entered as a debit to Cash and a credit to Cash Short and Over.
