41.
An asset must be ________ by the business to be shown as an asset in its balance sheet.

42.
Which is the most important characteristic that all assets of a business have?

43.
What is the basic accounting equation?

44.
Which of the following is a liability?

45.
What is equity?

46.
Identify the asset from the following

47.
______ is the withdrawal of cash and goods by the owner of the business for his/her personal use

48.
Net loss occurs when

49.
Double entry implies that

50.
Identify the nominal account