A business has the following items in it: Land P1,000,000, Machinery P20,000, Cash P10,000, Payables P0, Owners Equity ______________?

The financial statement that reports the revenues and expenses for a period of time such as a year or a month is?

Revenues minus expenses equals ______________?

Liabilities often have the word __________ in their account title.

Resources owned by a company (such as cash, accounts receivable, vehicles) are reported on the balance sheet and are referred to as __________.