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Chapter 7 - 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. The accounting equation demonstrates that at any one point in time = + .

2. A balance sheet is drawn up on the last day of .

3. A person or entity owing money is known as a .

4. A person or entity to whom money is owed as a consequence of the receipt of goods or services is known as a .

5. Money, goods or services taken out of a sole trader business by the owner for personal use is known as .

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