2. The excess of assets over liabilities is .
3. The obligations of the business to creditors are called .
4. When an expense is paid, the amounts of two items in the accounting equation are reduced. These are .
5. Increase in one asset either reduces another asset or increases a .
6. Decrease in one asset either increases or decreases a liability.
7. In accounting equation, the discount received is to owner's equity.
8. Assets - Owner's equity = .
9. = Liabilities + Owner's equity.
10. Owner's equity/capital is the obligation of the business to its .
11. The owner takes some cash from the business for his personal use. The affected items of the accounting equation are .
12. If total assets are $75,000 and total liabilities are $25,000, the amount of owner's equity is .