Chapter 1 Concept Check - Accrual Accounting Concepts...

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1. ________ are items owed to a creditor. ________ are items owned by a company. ________ represents owners' claims to company resources. Liabilities; Assets; Stockholders' equity 2. Under ________ accounting, revenues are recorded when earned and expenses are recorded with related revenues. Under ________ accounting, revenues are recorded when cash is received and expenses are recorded when cash is paid out. Financial statements are prepared using ________ accounting. accrual-basis; cash-basis; accrual-basis

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