Question

Identify the item that best completes each of the descriptions below. 1. Asset 2. Equity 3. Account 4. Liability 5. Three

a. Balance sheet accounts are arranged into _________general categories.
b. The owner's claim on a company's assets is called ________
c. Accounts Payable and Notes Payable are examples of _________ accounts.
d. Accounts Receivable, Prepaid Accounts, Supplies, and Land are examples of _________accounts
e. A(n)________ is a record of increases and decreases in a specific asset, liability, equity, revenue, orexpense item.

Answer 1

Balance sheet accounts are arranged into three general categories, the owner's claim on a company's assets is called equity, and Accounts Payable and Notes Payable are examples of liability accounts.

Step-by-step explanation:

a. Balance sheet accounts are arranged into three general categories.

b. The owner's claim on a company's assets is called equity.

c. Accounts Payable and Notes Payable are examples of liability accounts.

d. Accounts Receivable, Prepaid Accounts, Supplies, and Land are examples of asset accounts.

e. A(n) account is a record of increases and decreases in a specific asset, liability, equity, revenue, or expense item.