Economic Resource

Unit II Ass


Match The below

Question 1


1. Net Asset ____

2. Economic Resource ____

3. Current Assets ____

4. Cost Valuation ____

5. Duality Principle ____

6. Accounts Receivable ____

7. Operating Expenses ____

8. Cash ____

9. Other Revenue ____

10. Revenue ____


A. Difference between assets and liabilities

B. Supplies, buildings, equipment, money, claims to money

C. Dealing with market value and replacement cost

D. Assets that are expected to be exchanged for cash during the operating cycle

E. Charity allowances, courtesy allowances, doubtful account allowances, contractual allowances

F. Salaries and wages, advertising

G. Negotiable instruments such as personal checks or cashier’s checks

H. Educational programs, rentals of space or equipment

I. Patient service revenue, nonoperating gains

J. Assets = Liabilities + Net Assets

K. Money measurement principle of accounting



Question 2

Describe the differences between financial and managerial accounting.

Your response must be at least 75 words in length.



Question 3

25 Points

List and define three components of the balance sheet.

Your response must be at least 75 words in length.


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