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Chapter 4 - Fill in the blanks

Fill in all the gaps, then press "Check" to check your answers. Use the "Hint" button to get a free letter if an answer is giving you trouble. You can also click on the "[?]" button to get a clue. Note that you will lose points if you ask for hints or clues!

1. Double-entry bookkeeping is based on the principle that every financial transaction involves the simultaneous and of value.

2. Bookkeepers record the economic transactions of the business in the .

3. Resources controlled as a result of past events, and from which future economic benefits are expect to flow, are known as .

4. Present obligations resulting from past events, the settlement of which is expected to result in an outflow of resources are known as .

5. The accounting equation is = + .

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