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  3. 1.) use the following terms to fill in the correct

1.) Use the following terms to fill in the correct answers. a. Assets b. Liabilities...

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Accounting

1.) Use the following terms to fill in the correct answers.

a. Assets b. Liabilities c. Equity/Net Assets d. Revenues e. Expenses f. Surplus or Deficit/Change in Net Assets An operating statement for an organization lists the

____________,

____________, and

____________; while the balance sheet presents an organizations

____________,

____________, and

____________.

2. The GAAP concept that values assets at what an organization paid for them at acquisition is termed:

A)

Fair market valuation

B)

Objective measurement

C)

Replacement cost basis

3. Select all of the following accounts that would be considered assets.

1)

cash

2)

patient receivables

3)

mortgage payable

4)

goodwill

5)

notes payable

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