FINC600 Accounting Concepts.docx - FINC600 Accounting...

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FINC600 Accounting Concepts1.________ are items owed to a creditor. ________ are items owned by a company. ________ represents owners' claims to company resources.
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.

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