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Match the Items Below

Question 230

Matching

Match the items below.

Premises:
Activities of an entity must be kept separate from its owner’s activities.
Consumption of assets or services.
Ownership is limited to one person.
Offers expert accounting service to the general public.
Creditor and ownership claims against the assets of the business.
A separate legal entity under state laws.
Government agency that can mandate accounting rules.
Quantifying goals and objectives.
Future economic benefits.
Economic events recorded by accountants.
Responses:
CPA
Budgeting
SEC
Proprietorship
Economic Entity Assumption
Corporation
Assets
Equities
Expenses
Transactions

Correct Answer:

Activities of an entity must be kept separate from its owner’s activities.
Consumption of assets or services.
Ownership is limited to one person.
Offers expert accounting service to the general public.
Creditor and ownership claims against the assets of the business.
A separate legal entity under state laws.
Government agency that can mandate accounting rules.
Quantifying goals and objectives.
Future economic benefits.
Economic events recorded by accountants.
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