Section 2. Fill in the Blanks (20%) 21. Accounting is used to _________ and _________ the financial effects of business activities.. 22. The term GAAP refers to ________________________________________________. 23. When a business is owned by _______ person, the owner’s equity is shown as “capital”. 24. Liabilities are _________ of a business. 25. T-account is so called because it resembles the letter _________. 26. The debit is on the _________ side of the vertical line of a T-account. 27. Cash borrowed from a bank is not asset but simply ________. 28. The word “P.R.” in a general journal refers to _________. 29. The net assets of a business are called _________. 30. The division of accounting is ________ and _________.